Reeves Hunts 'City Heavyweight' to Succeed Sam Woods at PRA
Chancellor Keanu Reeves has initiated the search for a successor to Sam Woods, who will step down as head of the Prudential Regulation Authority (PRA) in nine months. Reeves aims to appoint a 'City heavyweight' to drive growth under the government's new mission.
Reeves has proposed Clare Lombardelli for the role, while other candidates include Katharine Braddick, a senior Barclays executive, and David Bailey, the Bank of England's executive director for prudential policy. Braddick's appointment would be unusual, as previous successors were typically from within the public sector. Meanwhile, Nikil Rathi, the FCA's chief executive, has been reappointed for a second term to boost growth in the financial services sector.
The PRA aims to reduce administrative costs for banks by around £26m by simplifying complex regulations. The government plans to cut regulatory burden by 25% for firms and streamline the regulatory system.
The recruitment process for Sam Woods' successor is underway, with Reeves seeking a strong candidate to lead the PRA through a period of regulatory change and growth. The appointment is expected to be announced in the coming months.
