Katharine Braddick, currently head of strategic policy at Barclays and senior advisor to the chief executive, has been appointed as the next Deputy Governor for Prudential Regulation at the Bank of England and chief executive of the Prudential Regulation Authority (PRA). The appointment, confirmed by the Treasury, will take effect at the complete of June, upon the departure of current PRA chief Sam Woods.
Braddick’s appointment is seen as reinforcing the government’s aim to ease regulations implemented following the 2008 financial crisis. The Treasury stated the selection underscores expectations that UK regulators will be “robust on resilience and ambitious on growth.” Chancellor of the Exchequer emphasized Braddick’s experience and ability to maintain a safe financial system while supporting investment and lending.
Prior to joining Barclays four years ago, Braddick held roles in the public sector, including as director of financial services at the Treasury and a position at the PRA. City officials and workers have been calling for reforms to regulation to stimulate economic growth, a sentiment echoed by Rachel Reeves.
As Deputy Governor, Braddick will oversee the supervision and regulation of banks, building societies, insurers, and major investment firms. She will also participate in the Prudential Regulation Committee, the Financial Policy Committee, and the Court of the Bank of England, contributing to the Bank’s statutory objectives.
Bank of England Governor Andrew Bailey expressed confidence in Braddick’s ability to lead the PRA with “great ambition and skill,” maintaining strong regulatory foundations for a thriving economy.
Frequently Asked Questions
Who is Katharine Braddick?
Katharine Braddick is currently head of strategic policy at Barclays and senior adviser to the chief executive. She will be the next Deputy Governor for Prudential Regulation at the Bank of England and chief executive of the Prudential Regulation Authority.
When will Katharine Braddick take on her new role?
Katharine Braddick will take on her new role at the end of June, upon the departure of Sam Woods.
What is the government’s stated aim with this appointment?
The government stated that this appointment reinforces its drive to ease regulations brought in after the 2008 financial crisis, aiming for regulators to be “robust on resilience and ambitious on growth.”
What impact will this appointment have on the future of financial regulation in the UK?
