BoE makes internal appointment to head Prudential Regulation Authority

The Bank of England (BoE) on Friday announced Sam Woods as the new deputy governor for prudential regulation and chief executive of the Prudential Regulation Authority (PRA).

Woods is to replace current deputy governor and PRA chief executive Andrew Bailey on July 1. Woods is currently executive director of insurance at the BoE.

The PRA oversees the regulation of banks, building societies, credit unions, insurers and major investment firms which operate in Britain. It was set up in 2013 as a regulatory and structural initiative by British authorities to increase the stability of the banking and financial system.

Woods had formerly worked at the British Treasury, and in his current role is responsible for overseeing the supervision and regulation of over 600 life and general insurance firms to ensure compliance with domestic and international regulatory requirements.

Prior to that, Woods was director for financial stability, strategy and risk. Endit