Sam Woods, Deputy Governor, Prudential Regulation, Bank of England, & Chief Executive Officer, PRA
Ten years on from the financial crisis, the revolution in financial regulation has come to an end.
The recent stress test showed for the first time that no bank needed to strengthen its capital position as a result. Banking regulators across the globe have endorsed the outstanding Basel III reforms. Solvency II has been implemented for the insurance industry. The task now for regulators is to pivot to new challenges while protecting the resilience that has been achieved. In the UK that means, for example, making sure that banks and insurers are ready for Brexit and rising to the challenge of cyber risk. Sam Woods will discuss how the Bank pursues its priorities for prudential regulation against a backdrop of change and uncertainty.
About the speaker
Sam Woods assumed the role of Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority (PRA) on 1 July 2016. As Deputy Governor for Prudential Regulation and CEO of the PRA, Sam Woods is also a member of the Bank’s Court of Directors, the Prudential Regulation Committee, the Financial Policy Committee, and the Board of the Financial Conduct Authority.Sam’s previous role was Executive Director of Insurance at the PRA. In this role, Sam was responsible for overseeing the monitoring and regulation of over 600 life and general insurance firms. Sam joined the Financial Services Authority (FSA) in 2011 and transferred to the Bank in 2013 with the integration of the PRA. He served as Director for Financial Stability Strategy and Risk, and prior to that was Director for Domestic UK Banks Supervision. Before joining the FSA/Bank, Sam spent ten years at HM Treasury in a variety of senior roles.