An executive at Barclays is to take over as the head of the UK’s banking watchdog, in a move expected to underscore Government efforts to cut red tape in the sector.
Katharine Braddick is to replace Sam Woods as the next chief executive of the Prudential Regulation Authority (PRA) and deputy governor for prudential regulation at the Bank of England when he leaves the role at the end of June.
Ms Braddick is currently group head of strategic policy at banking firm Barclays and previously served as director of financial services at the Treasury.
The appointment comes amid a backdrop of calls from the Chancellor to ease the regulatory burden on the UK’s financial sector.
Rachel Reeves said on Friday that the new watchdog boss will be expected to keep “standards high while driving a competitive, growth-focused approach to regulation”.
The Chancellor added: “Katharine Braddick is an accomplished pro-business leader with the experience to keep our financial system safe while backing the investment and lending that drives growth.
“She understands the City and regulation, and will help ensure the UK remains one of the best places in the world to do business.”
Ms Braddick was also previously head of banking at the Financial Services Authority, including during the 2008 financial crisis, until the organisation was broken up.
The King and the Chancellor together confirmed her proposed appointment on Friday.
She will take the role from July 1 for a five-year term.
Andrew Bailey, governor of the Bank of England, said: “I am very happy to welcome Katharine Braddick back to the Bank as deputy governor for prudential regulation.
“Katharine has vast experience both in the public and private sectors, and I am confident that she will lead the PRA with great ambition and skill, maintaining strong regulatory foundations to underpin a growing financial sector and a thriving economy.
“I would like to thank Sam for his many years of hard work at the PRA, and wish him all the best in his future endeavours.”
