Chancellor Rachel Reeves is preparing to launch the search for a new chief executive of the Prudential Regulation Authority (PRA), signalling a shift towards bringing in an outsider to lead Britain’s top banking watchdog.
Report reveal that Treasury will advertise the position in the coming days, with the recruitment process expected to begin as early as next week. The new appointee will replace Sam Woods, who has completed two terms in the role overseeing banks and insurers.
The senior Barclays executive and former top Treasury official, Katharine Braddick, is tipped as a strong contender. Braddick, who joined Barclays in 2022, previously served as director-general for financial services at the Treasury and played a key role in Brexit-related financial legislation. She is currently the bank’s head of strategic policy and advisor to the CEO. Barclays declined to comment on her potential candidacy.
Reeves is reportedly keen to look beyond the existing regulatory establishment for Woods’ successor. Internal candidates are expected to include David Bailey, the Bank of England’s executive director for prudential policy, but the chancellor is said to favour a fresh perspective as she seeks to shift regulators towards a more pro-growth agenda.
“The Chancellor’s number one mission is growing the economy,” a Treasury spokesperson said. “Every regulator has a part to play by regulating for growth, not just risk.”
The PRA role carries significant influence. As CEO, Woods has also served as a deputy governor of the Bank of England, a member of its Court of Directors, and a director at the Financial Conduct Authority (FCA). His future career moves are being closely watched, with speculation around a possible bid to succeed Andrew Bailey as governor in 2028.
The recruitment push follows Reeves’ earlier appointment of ex-Bank of America banker Jim O’Neill as the Treasury’s second permanent secretary, reflecting a broader drive to bring private sector experience into government.
The new PRA chief will be appointed ahead of Reeves’ crucial autumn Budget, where tough tax decisions are expected amid growing fiscal pressures.
