Treasury to kick off search for new boss of banking watchdog

The Treasury is preparing to kick off a search for a new boss of Britain’s prudential financial watchdog - one of the world's key banking regulatory jobs.

Sky News has learnt that officials are drawing up plans to advertise for a chief executive to replace Sam Woods at the Prudential Regulation Authority (PRA) next year.

A recruitment process is not expected to formally get underway until after the summer.

It is likely to draw interest from senior regulatory figures from around the world, City sources said on Thursday.

Mr Woods has served two terms in the post, and will step down at the end of his second term next June.

A respected figure, he is seen as a plausible candidate to succeed Andrew Bailey as governor of the Bank of England in 2028.

Prior to his current PRA role, Mr Woods served as its executive director of insurance.

News of the impending recruitment process comes weeks after the chancellor, Rachel Reeves, appointed Nikhil Rathi to a second five-year term as boss of the Financial Conduct Authority.

As CEO of the PRA, Mr Woods is also a deputy governor of the Bank of England, a member of the Bank's Court of Directors, and a director of the FCA.

The Treasury declined to comment.