Chancellor Hunts for PRA Chief as City Regulators Face Growth Pressure
Chancellor Rachel Reeves is on the hunt for a successor to Sam Woods, the outgoing chief executive of the Prudential Regulation Authority (PRA). The appointment process comes at a time when City regulators are under pressure to boost growth in the financial services sector.
Reeves is considering candidates from both within and outside the public sector, marking a departure from previous appointments. Katharine Braddick, a senior executive at Barclays, has emerged as a possible contender. Braddick brings a wealth of experience from her stints at the Bank of England, Treasury, and Financial Conduct Authority (FCA).
The Treasury is expected to advertise the role within days, with the selection process spanning several months. Meanwhile, Nikil Rathi, the FCA's chief executive, is pushing for faster processes to drive growth. The government has set a target to reduce regulatory burden by 25% for firms. Internal candidates, such as David Bailey, the Bank of England's executive director for prudential policy, are also in the running.
With Sam Woods' term ending in nine months, the search for his successor is underway. The appointment of a new PRA chief executive will play a crucial role in shaping the future of the UK's financial services sector, particularly in light of the government's growth-focused agenda.
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