Rachel Reeves, the chancellor, is searching for a heavyweight outsider to run Britain’s major banking watchdog, with a senior Barclays government anticipated to be among the many high contenders for the job.
Sky Information has learnt that the Treasury is to promote the submit of chief government of the Prudential Regulation Authority (PRA), which oversees monetary providers companies resembling banks and insurers, inside days.
One supply stated the recruitment course of may kick off as early as subsequent week.
The method, which can run for a number of months, will result in the appointment of a successor to Sam Woods, a long-serving official who has served two phrases within the position.
This weekend, it emerged that Katharine Braddick, a former senior Treasury civil servant who joined Barclays in 2022, is predicted to be among the many candidates for the position.
Whitehall insiders stated Ms Braddick could be a robust contender for the submit if she determined to use.
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A former director-general, monetary providers on the Treasury, Ms Braddick has been Barclays’ group head of strategic coverage and advisor to the financial institution’s chief government for three-and-a-half years.
Previous to the Treasury, she labored on the Monetary Companies Authority and was closely concerned in political negotiations on monetary providers laws regarding Brexit.
Barclays declined to touch upon Ms Braddick’s behalf on Saturday.
In response to an enquiry from Sky Information, a Treasury spokesperson stated: “Rising the financial system is the Chancellor’s primary mission.
“Each regulator has a component to play by regulating for development not simply danger.”
The chancellor is claimed to be eager to determine candidates from outdoors Britain’s present regulatory set-up to move the PRA.
A small variety of inside candidates is assumed to incorporate David Bailey, the Financial institution of England’s government director for prudential coverage.
Ms Reeves’s obvious need for an outsider comes amid a wider push for Britain’s financial watchdogs to take away crimson tape and reorient themselves in the direction of growth-focused insurance policies.
Earlier this 12 months, Nikhil Rathi, chief government of the Monetary Conduct Authority, was appointed to a second time period in cost following intensive discussions concerning the physique’s five-year technique.
Since then, each the FCA and PRA have eliminated guidelines regarding range and inclusion within the monetary sector, whereas the previous deserted a plan to ‘title and disgrace’ firms which have been the topic of enforcement investigations.
The Cost Methods Regulator (PSR) was abolished earlier this 12 months as a part of the federal government’s drive to cut back pointless regulation.
The seek for the following PRA boss will get underway lower than two months earlier than the chancellor delivers an autumn Price range through which she is predicted to have to lift tens of billions of kilos via extra tax rises.
Mr Woods’ subsequent transfer will probably be carefully watched within the Metropolis.
He has been seen as a possible candidate to succeed Andrew Bailey when the Financial institution of England governor’s time period runs out in 2028, though it’s unclear whether or not he covets the job.
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 Court docket of Administrators, and a director of the FCA.
The chancellor has proven a willingness to recruit from outdoors the Treasury, appointing Financial institution of America funding banking veteran Jim O’Neil as second everlasting secretary to the Treasury earlier this 12 months.
Mr O’Neil had additionally served as the top of UK Monetary Investments, the company set as much as handle taxpayers’ stakes in Britain’s bailed-out banks.
