Rachel Reeves has fired the beginning gun on the hunt for Britain’s subsequent high financial institution regulator – and is looking on senior financiers to enter the race as candidates.
In a recruitment commercial which went dwell on Friday, the Treasury stated “senior executive experience in a major bank, insurer or other financial institution” was one among two “desirable criteria” for the eventual appointee.
The federal government has additionally prolonged the period of the PRA chief government’s time period to 5 years, from 4, bringing it into line with the boss of the Monetary Conduct Authority (FCA).
Sam Woods, who will step down in June subsequent 12 months, has served for 2 four-year phrases.
His successor will earn £314,000-a-year, in line with the recruitment advert, roughly in keeping with Mr Woods’ pay bundle.
The wording of the job spec could lengthen the chances on the appointment of an inner candidate comparable to David Bailey, the Financial institution of England’s government director for prudential coverage.
Ms Reeves’s need for an outsider with trade expertise comes amid a wider push for Britain’s financial watchdogs to take away crimson tape and reorient themselves in the direction of growth-focused insurance policies.
A Treasury insider stated the chancellor regarded the PRA chief government recruitment course of to be a key element of the federal government’s drive to jumpstart financial development.
Subsequent month, she’s going to current her Funds, a fiscal occasion on which the federal government’s financial credibility is prone to relaxation.
Candidates to exchange Mr Woods are anticipated to be interviewed within the new 12 months, with an appointment probably by the spring.
Mr Woods has been considered as a possible candidate to succeed Andrew Bailey when the Financial institution of England governor’s time period runs out in 2028, though it’s unclear whether or not he covets the job.
As CEO of the PRA, Mr Woods can be a deputy governor of the Financial institution of England, a member of the Financial institution’s Court docket of Administrators, and a director of the FCA.
The chancellor has already proven a willingness to recruit outsiders to senior roles on the Treasury, appointing Financial institution of America funding banking veteran Jim O’Neil as second everlasting secretary to the Treasury earlier this 12 months.
Mr O’Neil had additionally served as the top of UK Monetary Investments, the company set as much as handle taxpayers’ stakes in Britain’s bailed-out banks.
The Treasury declined to remark additional.
