The Bank of England has appointed Katharine Braddick CB as the next deputy governor for prudential regulation and CEO of the PRA succeeding Sam Woods when his term concludes in June 2026.
The Bank of England oversees the UK’s financial system, working to maintain stability, supervise key institutions and support sustainable economic growth. Through the PRA, it regulates banks, building societies, insurers and major investment firms to ensure they operate safely and soundly.
In recent years, the PRA has introduced measures aimed at reducing regulatory burdens while safeguarding resilience, including reforms to capital rules to support SME and infrastructure lending, the introduction of a “Strong and Simple” regime for smaller UK banks, and initiatives to streamline reporting requirements.
The regulator has also supported an increase in high loan-to-income mortgages for first-time buyers and advanced its Future Banking Data programme, designed to cut unnecessary reporting templates and reduce costs for firms.
Katharine Braddick joins from Barclays, where she currently serves as group head of strategic policy and senior adviser to the CEO. She brings experience across both the private and public sectors, combining senior regulatory leadership with frontline banking expertise. Her background includes serving at HM Treasury as director of financial services, where she led on international and European financial services policy, strengthening the UK’s engagement with global regulatory partners.
In her new role, Braddick will lead the PRA’s supervision and regulation of firms, while also sitting on the Prudential Regulation Committee, the Financial Policy Committee and the Court of the Bank of England. She will take up the position on 1 July for a five-year term, following Sam Woods, who has held the deputy governor for prudential regulation role since 2016.
The government said the appointment reflects expectations that UK regulators remain robust on resilience while supporting growth, investment and innovation. The selection followed a fair and open competition in line with the Governance Code on Public Appointments and is subject to pre-commencement scrutiny by the Treasury Select Committee.
Chancellor of the Exchequer Rachel Reeves said: “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.
“I want to thank Sam Woods for his dedicated service and the strength he has brought to the UK’s prudential regime. Katharine will build on that record — keeping standards high while driving a competitive, growth-focused approach to regulation.”
Bank of England governor Andrew Bailey 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.”
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