Treasury to kick off seek for new boss of banking watchdog

The Treasury is making ready to kick off a seek for a brand new boss of Britain’s prudential monetary watchdog – one of many world’s key banking regulatory jobs.

Sky Information has learnt that officers are drawing up plans to promote for a chief govt to exchange Sam Woods on the Prudential Regulation Authority (PRA) subsequent 12 months.

A recruitment course of shouldn’t be anticipated to formally get underway till after the summer season.

It’s seemingly to attract curiosity from senior regulatory figures from world wide, Metropolis sources stated on Thursday.

A revered determine, he’s seen as a believable candidate to succeed Andrew Bailey as governor of the Financial institution of England in 2028.

Previous to his present PRA position, Mr Woods served as its govt director of insurance coverage.

Information of the upcoming recruitment course of comes weeks after the chancellor, Rachel Reeves, appointed Nikhil Rathi to a second five-year time period as boss of the Monetary Conduct Authority.

As CEO of the PRA, Mr Woods can also be a deputy governor of the Financial institution of England, a member of the Financial institution’s Courtroom of Administrators, and a director of the FCA.

The Treasury declined to remark.