Move puts City insider in charge of bank and insurer oversight amid push for growth‑focused regulation
Katharine Braddick (pictured top), a senior Barclays executive and former Treasury official, has been named as the next head of the UK’s prudential watchdog, putting a long‑standing City insider in charge of supervising banks and insurers.
She will replace Sam Woods as deputy governor for prudential regulation at the Bank of England and chief executive of the Prudential Regulation Authority (PRA) when his term ends at the close of June, the Treasury has confirmed.
Braddick is currently group head of strategic policy at Barclays and senior adviser to the bank’s chief executive. Before joining the lender four years ago, she spent around two decades in public service, including as director of financial services at the Treasury and in senior roles at the PRA and its predecessor regulator.
The change comes at a time when ministers are pressing regulators to support growth and competitiveness while maintaining financial stability. Chancellor Rachel Reeves has called for a lighter regulatory burden on the financial sector, alongside a continued focus on resilience.
Announcing the appointment, Reeves said Braddick would be expected to deliver both. “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,” the chancellor said. “She understands the City and regulation, and will help ensure the UK remains one of the best places in the world to do business.”
As deputy governor, Braddick will lead prudential supervision of banks, building societies, insurers and major investment firms. She will sit on the Prudential Regulation Committee, the Financial Policy Committee and the Court of the Bank of England, helping to set and implement the UK’s prudential rulebook.
Woods, who has led the PRA for two five‑year terms, has been central to the post‑2008 framework governing capital and liquidity at UK banks and insurers. His successor will inherit key decisions, including whether and how to adjust capital requirements and buffers, an issue with direct implications for banks’ capacity to lend into the housing market.
Braddick’s earlier career included a decade as head of banking at the Financial Services Authority, including during the 2008 financial crisis, before that organisation was disbanded and its responsibilities transferred to the PRA and the Financial Conduct Authority.
Andrew Bailey, governor of the Bank of England, also welcomed Braddick’s appointment. “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,” he said.
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