Woods will take on the role of deputy governor for prudential regulation at the Bank and chief executive of the PRA from 1 July, taking over from Andrew Bailey who will leave to head up the Financial Conduct Authority (FCA) at the end of June.
Governor of the Bank of England, Mark Carney, said: “Sam is a dedicated public servant, a forward-looking policymaker and a natural leader. His broad experience and personal qualities will be vital in building on Andrew Bailey’s extraordinary contributions since the creation of the PRA in 2013.
“My colleagues and I look forward to working closely with Sam as the Bank of England continues its important mission of promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.”
Woods will be responsible for prudential regulation of banks, building societies, credit unions, insurers and major investment firms.
He will sit on the Bank’s court of directors, the Financial Policy Committee and the boards of the PRA and FCA. The board of the PRA is due to be renamed the Prudential Regulation Committee following Royal Assent of the Bank of England Bill.
The role will also see Woods represent the Bank at the European Banking Authority and the Group of Governors and Heads of Supervision (GHOS), the body which oversees the Basel Committee on Banking Supervision.
He will maintain his current role until the end of June.
Woods said: “I am absolutely delighted and very honoured to be taking on the deputy governor role. The PRA has made a strong start as a prudential regulator under Andrew Bailey’s leadership and I look forward to continuing our work with the aim of promoting safety and soundness, protection of policyholders and financial stability more broadly.”
