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 appointment was made by The King and the Chancellor of the Exchequer, underscoring the significance of the role at the heart of the UK’s financial regulatory framework.
The Bank of England oversees the stability of the UK’s financial system, while the PRA supervises and regulates banks, building societies, insurers and major investment firms. The authority plays a critical role in ensuring that financial institutions operate safely and soundly, protecting consumers and supporting confidence in the financial system. In recent years, the PRA has also focused on balancing resilience with growth, introducing reforms designed to support lending, innovation and competitiveness across the UK economy.
Katharine Braddick brings a combination of private sector banking expertise and senior regulatory experience to the role. She currently serves at Barclays as group head of strategic policy and senior adviser to the CEO. Her previous experience includes senior leadership positions in both the public and private sectors, equipping her with deep knowledge of financial services policy, regulation and international engagement. As deputy governor for prudential regulation, she will lead the PRA’s supervisory and regulatory work and sit on the Prudential Regulation Committee, the Financial Policy Committee and the Court of the Bank of England.
Braddick also previously served at HM Treasury as director of financial services, where she led on international and European issues. This international experience is expected to support the PRA’s engagement with global partners and contribute to maintaining the UK’s competitiveness as a global financial centre.
The government said the appointment reflects its expectation that regulators remain robust on resilience while also supporting growth, investment and innovation. The PRA has already introduced measures aimed at achieving this balance, including enabling up to 36,000 additional high loan-to-income mortgages for first-time buyers, launching a “Strong and Simple” regime to reduce burdens for smaller UK banks, lowering capital requirements for SME and infrastructure lending, and advancing the Future Banking Data initiative, which removes 37 reporting templates and is expected to save firms around £26m annually.
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.”
His Majesty The King has approved the appointment. Braddick will take up the role on 1 July for a five-year term. The selection followed a fair and open competition in line with the Governance Code on Public Appointments and remains subject to pre-commencement scrutiny by the Treasury Select Committee.
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