The Treasury is making ready to kick off a seek for a brand new boss of Britain’s prudential monetary watchdog – one of many world’s key banking regulatory jobs.
Sky Information has learnt that officers are drawing up plans to promote for a chief govt to interchange Sam Woods on the Prudential Regulation Authority (PRA) subsequent yr.
A recruitment course of isn’t anticipated to formally get below means till after the summer time.
It’s probably to attract curiosity from senior regulatory figures from around the globe, Metropolis sources stated on Thursday.
Mr Woods has served two phrases within the publish, and can step down on the finish of his second time period subsequent June.
A revered determine, he’s seen as a believable candidate to succeed Andrew Bailey as governor of the Bank of England in 2028.
Previous to his present PRA position, Mr Woods served as its govt director of insurance coverage.
Information of the approaching recruitment course of comes weeks after the chancellor, Rachel Reeves, appointed Nikhil Rathi to a second five-year time period as boss of the Monetary Conduct Authority.
As CEO of the PRA, Mr Woods can 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 Treasury declined to remark.
