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Report: Former UBS UK head Mark Yallop in running for new PRA CEO role

Mark Yallop, a former Deutsche Bank AG and UBS Group AG executive, is in the running to become CEOof the U.K. Prudential Regulation Authority, Sky News reported, citing "aWhitehall source close to the process."

The source said Yallop, who is already a nonexecutivedirector of the PRA, expressed an interest in succeeding Andrew Bailey. Heformerly served asthe CEO of UBS' U.K. business. Sky News said he faces competition from PRAexecutive director Lyndon Nelson, senior U.K. Treasury official CharlesRoxburgh and Megan Butler, the PRA's executive director for international bankssupervision.

Bailey is set to take over as head of the U.K. FinancialConduct Authority.

The PRA's new CEO will face the challenge of implementingnew financial regulations, which will include bedding down the new Solvency IIregime for the insurance industry and the ring-fencing framework that willreform the U.K.'s largest lenders from 2019.