Her Majesty The Queen has approved recommendations for the appointment of Sam Woods as Deputy Governor of the Bank of England with responsibility for Prudential Regulation.
He will succeed Andrew Bailey on 1 July 2016, who is moving to take up the position of Chief Executive of the Financial Conduct Authority (FCA).
Sam Woods has been appointed for a renewable term of five years. He will continue in his current role at the Prudential Regulation Authority (PRA) as Executive Director of Insurance until he takes up his new role.
The Chancellor of the Exchequer, the Rt Hon George Osborne MP, said:
I am delighted to appoint Sam Woods to be the next Deputy Governor for Prudential Regulation and CEO of the Prudential Regulation Authority. Sam is a public servant of great integrity and will bring real judgement to the job.
Sam has been one of the architects of the government’s crucial reforms to financial regulation – playing a key role in the work of the Independent Commission on Banking.
I believe Sam is the best person to ensure that these vital reforms he helped design will be a success and to deliver a strong, secure and globally competitive regime for all financial services.
I would like to thank Andrew Bailey for his excellent years of service at the Bank. He is now moving onto a new role at the FCA and leaves the PRA in an excellent state. In Sam Woods he has a worthy successor.
The Governor of the Bank of England, Mark Carney, said:
I am delighted that Sam Woods has been appointed as Deputy Governor for Prudential Regulation and CEO of the PRA. Sam is a dedicated public servant, a forward-looking policymaker and a natural leader. His broad experience and personal qualities will be vital in building on Andrew Bailey’s extraordinary contributions since the creation of the PRA in 2013. My colleagues and I look forward to working closely with Sam as the Bank of England continues its important mission of promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
Sam Woods said:
I am absolutely delighted and very honoured to be taking on the Deputy Governor role. The PRA has made a strong start as a prudential regulator under Andrew Bailey’s leadership and I look forward to continuing our work with the aim of promoting of safety and soundness, protection of policyholders and financial stability more broadly.
As the Bank’s Deputy Governor for Prudential Regulation, Sam Woods will have specific responsibility for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. Sam will sit on the Bank’s Court of Directors, the Financial Policy Committee, the Board of the Prudential Regulation Authority (which will become the Prudential Regulation Committee following Royal Assent of the Bank of England Bill) and the Board of the Financial Conduct Authority.
Biography of Sam Woods
Sam Woods is currently Executive Director of Insurance Supervision at the Prudential Regulation Authority. He joined the Financial Services Authority (FSA) in 2011 and transferred with it to the Bank in 2013.
He has served as Director for Financial Stability Strategy and Risk, and Director for Domestic UK Banks Supervision. Before joining the FSA/Bank, he spent ten years at HM Treasury in a variety of role, including Secretary, Independent Commission on Banking, 2010-2011 and COO of UK Financial Investments, 2008-2010.
Prior to joining HM Treasury Sam worked in the private sector from 1995-2001, for Diageo and McKinsey and Company.