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UK PRA insurance executive director named CEO

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UK PRA insurance executive director named CEO

The U.K. HM Treasury announced on April 8 that Her MajestyThe Queen agreed to name Sam Woods deputy governor for Prudential Regulationand CEO of the Prudential Regulation Authority, effective July 1, according toa press release published the same day by the Bank of England.

Woods, who will succeed Andrew Bailey, was appointed by the queen,on the recommendation of Prime Minister David Cameron and Chancellor George Osborne,for a renewable term of five years. As deputy governor, Woods will beresponsible for the prudential regulation and supervision of banks, buildingsocieties, credit unions, insurers and major investment firms. He will also siton the central bank's court of directors, Financial Policy Committee, PRA boardand the board of the U.K. Financial Conduct Authority.

The Bank of England added that Woods will represent thecentral bank in international groups and institutions such as the EuropeanBanking Authority and the Basel Committee's group of governors and heads ofsupervision.

Woods will continue in his current role as PRA's executivedirector of insurance until he takes up his new posts.

Bailey is set to become CEO of the Financial ConductAuthority.