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Appointment details

Bank of England - Deputy Governor for Prudential Regulation and the Chief Executive at the Prudential Regulation Authority

Summary

Organisation
Bank of England Deputy Governor
Sponsor department
HM Treasury
Location
London
Sectors
Finance and Audit
Skills
Regulation
Number of vacancies
1
Time commitment
52 week(s) per annum
Remuneration
£314,000 per annum
Length of term
5 years
Application deadline
Midday on 24 November 2025

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Timeline for this appointment

  1. Opening date

    23 October 2025

  2. Application deadline

    Midday on 24 November 2025

  3. Sifting date

    16 December 2025

  4. Interviews expected to end on

    23 January 2026

Timeline dates are only an estimate and can change

About the appointment

Additional introductions

Thank you for your interest in joining the Bank of England as the new Deputy Governor for Prudential Regulation and Chief Executive of the Prudential Regulation Authority.
The Bank is one of the UK’s most important economic institutions. Its mission is to promote the good of the people of the UK by maintaining monetary and financial stability. The new Deputy Governor will sit on the Executive Team, led by Governor Andrew Bailey, and lead the Bank’s work on prudential regulation and supervision, overseeing the safety and soundness of banks, insurers, and other financial institutions. The role has a central part to play in fostering financial stability and growth in the UK financial services sector and the wider economy.
The successful candidate will be directly or indirectly responsible for more than 1500 staff and will play an influential role as a member of the Bank’s Prudential Regulation Committee (PRC), which they will chair in the Governor’s absence, the Financial Policy Committee (FPC), and the Court of the Bank of England. They will represent the Bank externally, including domestically through appearances before the Treasury Committee and internationally through membership of key international committees and groupings. This is a high-profile and demanding role that represents a challenging opportunity to lead domestic and international policy making and implementation in prudential regulation with credibility and confidence.
Diversity and inclusion are top priorities for the Bank. The recruitment panel particularly encourages applicants from underrepresented groups so the Bank can better reflect the society it serves, encourage diverse ideas, and be open to perspectives that challenge prevailing wisdom.
Thank you, once again, for your interest in this role and for taking the time to read through this pack, which provides further information. We look forward to hearing from you.
James Bowler CB
Permanent Secretary, HM Treasury 

Appointment description

The Deputy Governor for Prudential Regulation is a senior executive at the Bank of England, leading the Prudential Regulation Authority (PRA) as its Chief Executive. This appointment is made by His Majesty the King, on the recommendation of the Prime Minister and Chancellor of the Exchequer.
The successful candidate will join the Bank’s leadership team, sitting on the Prudential Regulation Committee (PRC), the Financial Policy Committee (FPC), and the Court of the Bank of England, as well as the Board of the Financial Conduct Authority (FCA). The Deputy Governor plays a key role in linking the Bank’s prudential regulation and financial stability work, supporting its mission to maintain monetary and financial stability for the UK.
As Chief Executive of the PRA, the Deputy Governor is responsible for ensuring the safety and soundness of the UK’s banking and insurance sectors, and for delivering the PRA’s statutory objectives: promoting the safety and soundness of PRA-authorised firms; protecting policyholders; facilitating effective competition; and supporting the international competitiveness and growth of the UK economy. The Deputy Governor will play a central role in supporting the government’s growth agenda, consistent with these objectives.
The role involves leading over 1,500 staff, requiring strong leadership, effective delegation, talent development, and a collaborative approach. The Deputy Governor represents the PRA and the Bank externally, including in Parliament and with senior officials in HM Treasury, the FCA, market participants, and international counterparts. The post-holder will help design and implement regulatory policy in a fast-moving environment, often under uncertainty, and must demonstrate acute political sensitivity and awareness.
This is a demanding and high-profile role at the centre of the UK’s financial system. The new Deputy Governor is expected to take up the post in July 2026.
Key Responsibilities
  • Lead the PRA as Chief Executive, ensuring the effective supervision and regulation of banks, insurers, and major investment firms, and the delivery of the PRA’s statutory objectives.
  • Sit on the PRC, FPC, and Court of the Bank of England, and the Board of the FCA, contributing to the Bank’s leadership and ensuring effective links between prudential regulation, financial stability, and monetary policy.
  • Provide strategic direction for prudential regulation and supervision, Ensuring that the PRA’s policy work supports the government’s growth agenda, consistent with its statutory remit.
  • Build and maintain strong relationships with colleagues across the Bank, HM Treasury, the FCA, market participants, and international regulatory bodies.
  • Represent the PRA and the Bank in domestic and international fora, and communicate with authority and credibility to Parliament, the media, the markets, and the public.
  • Foster a culture of integrity, diversity, inclusion, and high performance within the PRA and across the Bank.

Organisation description

As the country's central bank, the Bank of England sits at the heart of the UK’s economy and financial system. Its mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. 
The Bank was founded in 1694 and its roles and functions have evolved and changed over its three-hundred-year history. Since its foundation, it has been the Government's banker and, since the late 18th century, it has been banker to the banking system more generally – “the bankers' bank”.  The Bank is perhaps most visible to the general public through its banknotes, having had a monopoly of the issue in England and Wales since the middle of the 19th century. Through its market operations it is the ultimate source of reserves to the banking system, and its “Bank Rate” is the benchmark for all short-term sterling interest rates. It also manages the UK's foreign exchange and gold reserves and operates the high value payment system (RTGS).
The Bank is owned by the UK Government and is accountable to both Parliament and the general public. In 1997 the Bank was given operational independence to set interest rates so as to achieve a monetary stability target set by the Government – currently an inflation target based on the Consumer Prices Index. Policy decisions – relating both to Bank Rate and to the Asset Purchase programme - are taken by the Bank’s Monetary Policy Committee (MPC) and implemented through the Bank’s financial market operations.   
The Bank’s role in promoting financial stability was expanded following the crisis of 2007-09. In 2009 the Bank became responsible for the resolution of failing banks, and for the oversight of payment systems. The Bank was then given a statutory objective to “protect and enhance the stability of the financial system”. In 2013 its Financial Policy Committee (FPC) was given powers to act against threats to the resilience of the financial system and, through its Prudential Regulation Authority (PRA), the Bank became responsible for ensuring the safety and soundness of individual banks and insurers. The Bank also became responsible for the supervision of financial market intermediaries such as payment and clearing systems, which is overseen by the Financial Market Infrastructure (FMI) Committee.   
The Bank is governed by a Court of Directors, appointed by the Crown. The executive management is led by the Governor, supported by four Deputy Governors and a Chief Operating Officer.
The Bank employs around 5,700 staff and has a total gross expenditure of around £855 million per annum. This is funded through a mixture of income generated from deposits placed by banks and other deposit-takers and fees and levies charged for some of the activities it performs.

Board composition

The Court of Directors is a unitary board consisting of up to nine non-executive members, the Governor and four Deputy Governors. It meets at least seven times a year. All members of Court are appointed by the Crown. 
While specific policy responsibilities are reserved to the statutory committees, the Court of Directors is required by the 1998 Bank of England Act to “manage the Bank’s affairs”, other than the formulation of monetary policy. It must determine the Bank’s objectives and strategy and ensure the effective discharge of the Bank’s functions and the most efficient use of the Bank’s resources. It takes the major decisions on finance, resources and appointments.  For more information about the Court of Directors, please visit the Bank of England website
Executive members of the court 
  • Andrew Bailey, Governor 
  • Clare Lombardelli, Deputy Governor, Monetary Policy 
  • Sarah Breeden, Deputy Governor, Financial Stability 
  • Sir Dave Ramsden, Deputy Governor, Markets and Banking 
  • Sam Woods, Deputy Governor for Prudential Regulation
Non- Executive Directors 
  • David Roberts (Chair)
  • Sabine Chalmers
  • Lord Jitesh Gadhia
  • Anne Glover
  • Ron Kalifa [stepping down after 31 October]
  • Diana Noble
  • Tom Shropshire 

Person specification

Essential criteria

  • Working in, or involvement with, financial services regulators or finance ministries.
  • Extensive knowledge and experience of financial markets, a deep understanding of the financial system, regulatory policymaking and supervision of financial firms, and credibility on these issues domestically and internationally.
  • Demonstrate proven leadership and management skills, with the ability to lead a high-profile public institution, delegate, develop talent, and encourage a strong team approach.
  • Possess strong communication and interpersonal skills, with the ability to listen, accept challenge, and constructively challenge others in discussions with clarity and respect.
  • Have the ability to design frameworks and develop policies that are appropriate for multiple scenarios, and to implement new policies in a fast-moving environment as required. 
  • Possess the acute sensitivity and awareness required to operate effectively within a complex political and regulatory landscape.
  • Possess the ability to build strong relationships with colleagues within the Bank of England and with key partners, such as Ministers and senior officials in HM Treasury (HMT), the Financial Conduct Authority (FCA), market participants, and international counterparts.
  • Have effective decision-making skills, with the ability to critically analyse a wide range of information and make clear, objective, evidence-based recommendations to support the organisation’s objectives.
  • Demonstrate unquestioned integrity and standing, with the ability to maintain discretion and engender trust among staff, peers, and stakeholders, as well as a willingness to abide by necessary conflict of interest constraints.

Desirable criteria

  • Senior executive experience in a major bank, insurer or other financial institution.
  • Working in, or involvement with, central banking (e.g. a central bank or similar international institutions).

Application and selection process

About this appointment

Some public appointments are made by the Prime Minister, or the Crown on the recommendation of the Prime Minister. Others are made by Secretaries of State or other ministers and are of interest to the Prime Minister.

Public appointments made by or of interest to the Prime Minister

How to apply

HM Treasury and the Bank of England are working in partnership with Korn Ferry on this recruitment process. 

The closing date for applications is 24th November at 12 Noon UK time.

To apply for this role, all applicants must provide information through the public appointments website on gov.uk and send documents to Korn Ferry. This two step process is mandatory in order for your application to be complete. 

In order to apply you will need to create an account or sign in.

To apply, you must provide:

  • equality information
  • information relating to any outside interests or potential reputational issues

You may also be asked to provide:

  • a Curriculum Vitae (CV)
  • a supporting statement

Once you have completed your equality, and outside interests information, you will need to submit your CV and supporting statement to Korn Ferry by email: ApplicationsKF@kornferry.com

When sending your CV and Supporting Statement to Korn Ferry please ensure that: 

* In any email you send, please ensure the role title, is clearly marked in the email subject line as: DG PR, Bank of England

* A CV detailing your qualifications, employment history, skills and experience 

* A covering letter outlining how your skills meet the requirements of the role 

* Names of at least two referees who may be contacted at shortlist stage 

* Confirmation that you are happy for Korn Ferry or HM Treasury to undertake any necessary background checks (e.g. career, credit, qualifications) at the appropriate stage. No checks will be undertaken without prior notice. 

We will ask you to check and confirm your personal details to ensure your application is accurate.

You will also have the opportunity to make a reasonable adjustment request or apply under the disability confident scheme before you submit your application.

Overview of the application process

Public appointments are made on merit following a fair and open competition process which is conducted in accordance with the principles of the Governance Code for Public Appointments. We will deal with your application as quickly as possible and will keep you informed at key stages. We aim to conclude the appointment process within three months of the deadline for applications – this is in accordance with the Governance Code.

The assessment process

  1. Ministers are responsible and accountable to Parliament for the public appointments made within their department. As a result, they must be consulted at every stage of the appointments process.

  2. An Advisory Assessment Panel (“Panel”) is appointed by Ministers to assist them in their decision making. The role of the Panel is to decide, objectively, which candidates meet the eligibility criteria for the role.

  3. At the shortlisting meeting the Panel will assess applications against the eligibility criteria and decide which candidates have best met the criteria, who should be recommended for interview. Ministers will then be consulted on the Panel’s recommended shortlist. If you have applied under the Disability Confident Scheme and you meet all the essential criteria, then you will also be invited for an interview.

  4. Once the shortlist has been agreed by Ministers, you will be advised (by e-mail) whether you have been shortlisted. Those shortlisted will be invited to an interview.

  5. The Panel will meet again to interview candidates and determine who is appointable to the role. The Panel may invite you to make a brief presentation at the start of the interview and will go on to question you about your skills and experience, including asking specific questions to assess whether you meet the criteria set out for the post. The Panel will also explore with you any potential conflicts of interest or any other issues arising from your personal and professional history which may impact on an appointment decision.

  6. Details of the panel’s assessment of interviewed candidates are provided to Ministers, including whether they have judged a candidate to be appointable to the role. It is then for Ministers to determine merit and decide who should be appointed. In some circumstances, Ministers may choose not to appoint any candidates and re-run the competition.

  7. Ministers may choose to meet with candidates before deciding the outcome. Candidates should therefore be prepared for a short time gap between interview and a final appointment decision being made. Candidates who have been interviewed will be kept informed of progress.

  8. Once the decision on the appointment has been made, interviewed candidates will be advised of the outcome of their application, including whom they may approach for feedback. Successful candidates will be issued with their Terms & Conditions and a letter of appointment should they agree to take up the position.

Further information about appointments, including tips on applying, can be found on our guidance pages on gov.uk.

Advisory Assessment Panel (AAP)

James Bowler - Permanent Secretary to the Treasury - Panel Chair
The Chair will be supported by:
Gwyneth Nurse - Director General, Financial Services- HM Treasury
David Roberts - Chair of Court - Bank of England.
Joe Garner (Former Chief Executive Officer, Nationwide Building Society, Independent Panel Member) 
Advisory Assessment Panels (AAP) are chosen by ministers to assist them in their decision-making. These include a departmental official and an independent member. For competitions recruiting non-executive members of a board (apart from the Chair), the panel will usually include a representative from the public body concerned.
AAP’s perform a number of functions, including agreeing an assessment strategy with ministers, undertaking sifting, carrying out interviews in line with the advertised criteria and deciding objectively who meets the published selection criteria for the role before recommending to ministers which candidates they find appointable. It is then for the minister to decide who to appoint to the role.

Eligibility criteria

In general, you should have the right to work in the UK to be eligible to apply for a public appointment.

There are a small number of specialist roles that are not open to non-British citizens. Any nationality requirements will be specified in the vacancy details.

The Government expects all holders of public office to work to the highest personal and professional standards. 

You cannot be considered for a public appointment if:

  • you are disqualified from acting as a company director  (under the Company Directors Disqualification Act 1986);

  • have an unspent conviction on your criminal record;

  • your estate has been sequestrated in Scotland or you enter into a debt arrangement programme under Part 1 of the Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17) as the debtor or have, under Scots law, granted a trust deed for creditors.

When you apply, you should declare if:

  • you are, or have been, bankrupt or you have made an arrangement with a creditor at any point, including the dates of this. 

  • you are subject to a current police investigation.

You must inform the sponsor department if, during the application process, your circumstances change in respect of any of the above points. 

When you apply you should also declare any relevant interests, highlighting any that you think may call into question your ability to properly discharge the responsibilities of the role you are applying for. You should also declare any other matters which may mean you may not be able to meet the requirements of the Code of Conduct of Board Members (see Outside interests and reputational issues section below)
If you need further advice, please contact Anna.Jackson@KornFerry.com

Security clearance

The successful candidate will be required to undertake Baseline Personnel Security Standard checks. Additional Security Clearance may also be required for certain roles. However, where this applies, candidates will be notified during the appointment process. Further information on National Security Vetting can be found on the Gov.uk website here.

Additional information for candidates

Equality and diversity

We encourage applications from talented individuals from all backgrounds and across the whole of the United Kingdom. Boards of public bodies are most effective when they reflect the diversity of views of the society they serve.
We collect data about applicants’ characteristics and backgrounds, including information about people’s educational and professional backgrounds, so that we can make sure we are attracting a broad range of people to these roles and that our selection processes are fair for everyone. Without this information, it makes it difficult to see if our outreach is working, if the application process is having an unfair impact on certain groups and whether changes are making a positive difference.
When you submit your application, your responses are collected by the Cabinet Office and the government department(s) managing your application. The data is used to produce management information about the diversity of applicants. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be seen by the Advisory Assessment Panel who review applications against the advertised criteria and conduct interviews.

Disability confident

We are a member of the Government’s Disability Confident scheme. We use the Disability Confident scheme symbol, along with other like-minded employers, to show our commitment to good practice in employing people with a disability. The scheme helps recruit and retain disabled people. As part of implementing the scheme, we guarantee an interview for anyone with a disability whose application meets the essential criteria for the role, set out in the advert, and who has asked that their application is considered under the scheme. Indicating that you wish your application to be considered under the scheme will in no way prejudice your application. By ‘essential criteria', we mean that you must provide evidence which demonstrates that you meet the level of competence required under each of the essential criteria, as set out in the job-advert. When you apply you will have the opportunity to select if you would like your application considered under this scheme.

Reasonable adjustments

We are committed to making reasonable adjustments to make sure applicants with disabilities, physical or mental health conditions, or other needs are not substantially disadvantaged when applying for public appointments. This can include changing the recruitment process to enable people who wish to apply to do so.
Some examples of common changes are:
  • ensuring that application forms are available in different or accessible formats;
  • making adaptations to interview locations;
  • allowing candidates to present their skills and experience in a different way;
  • giving additional detailed information on the selection / interview process in advance to allow candidates time to prepare themselves;
  • allowing support workers, for example sign language interpreters;
  • making provision for support animals to attend.
When you apply you will have the opportunity to request reasonable adjustments to the application process.

Principles of public life

The Seven Principles of Public Life (also known as the Nolan Principles) apply to anyone who works as a public office-holder.
1. Selflessness
Holders of public office should act solely in terms of the public interest.
2. Integrity
Holders of public office must avoid placing themselves under any obligation to people or organisations that might try inappropriately to influence them in their work. They should not act or take decisions in order to gain financial or other material benefits for themselves, their family, or their friends. They must declare and resolve any interests and relationships.
3. Objectivity
Holders of public office must act and take decisions impartially, fairly and on merit, using the best evidence and without discrimination or bias.
4. Accountability
Holders of public office are accountable to the public for their decisions and actions and must submit themselves to the scrutiny necessary to ensure this.
5. Openness
Holders of public office should act and take decisions in an open and transparent manner. Information should not be withheld from the public unless there are clear and lawful reasons for so doing.
6. Honesty
Holders of public office should be truthful.
7. Leadership
Holders of public office should exhibit these principles in their own behaviour and treat others with respect. They should actively promote and robustly support the principles and challenge poor behaviour wherever it occurs.

Code of conduct for board members

The Government expects all holders of public office to work to the highest personal and professional standards. In support of this, all non-executive board members of UK public bodies must abide by the principles set out in the Code of Conduct for Board Members of Public Bodies. The Code sets out the standards expected from those who serve on the boards of UK public bodies and will form part of your terms and conditions of appointment.
If you need further advice, please contact: anna.jackson@kornferry.com 

Management of outside interests and consideration of reputational issues

Holders of public office are expected to adhere and uphold the Seven Principles of Public Life and the Code of Conduct for Board Members of Public Bodies. Before you apply you should consider carefully: 
  • any outside interests that you may have, such as shares you may hold in a company providing services to government; 
  • any possible reputational issues arising from your past actions or public statements that you have made; 
  • and/or - any political roles you hold or political campaigns you have supported; 
which may call into question your ability to do the role you are applying for.
You will need to answer relevant questions in relation to these points when making an application. Many conflicts of interest can be satisfactorily resolved and declaring a potential conflict does not prevent you from being interviewed. If you are shortlisted for an interview, the panel will discuss any potential conflicts with you during that interview, including any proposals you may have to mitigate them and record that in their advice to ministers. Alongside your own declaration, we will conduct appropriate checks, as part of which we will consider anything in the public domain related to your conduct or professional capacity. This may include searches of previous public statements and social media, blogs or any other publicly available information. The successful candidate(s) may be required to give up any conflicting interests and their other business and financial interests may be published in line with organisational policies. 
Details of declared political activity will be published when the appointment is announced, as required by the Governance Code (political activity is not a bar to appointment, but must be declared).

Status of appointment

As this is an office holder appointment, you will not become a member of the Civil Service. You will not be subject to the provisions of employment law.

Appointment and tenure of office

Appointments are for the term set out in this advert, with the possibility of re-appointment for a further term, at the discretion of Ministers.  Any re-appointment is subject to satisfactory annual appraisals of performance during the first term in the post. There is no automatic presumption of reappointment; each case should be considered on its own merits, taking into account a number of factors including, but not restricted to, the diversity of the current board and its balance of skills and experience. In most cases, the total time served in post will not exceed more than two terms or ten years in any one post. 

Remuneration, allowances and abatement

The Deputy Governor for Prudential Regulation and the Chief Executive of the Prudential Regulation Authority is a full-time position. The successful candidate will receive remuneration of £314,000 a year.

Pension and redundancy

The successful candidate would be eligible for membership of the Career Average Section of the Bank of England Pension Fund. In addition to this, the job holder will receive Private Medical Insurance (Employee & Family cover), Life Assurance (4 x pensionable salary) and Employee Health Check. This role is not eligible for a performance award or incentive payment.

Application feedback

We will notify you of the status of your application. We regret that we are only able to offer detailed feedback to candidates who have been unsuccessful at the interview stage.

How to complain

We aim to process all applications as quickly as possible and to treat all applicants with courtesy. 
If you feel your application has not been treated fairly and you wish to make a complaint, you should contact anna.jackson@kornferry.com in the first instance.
If you are not satisfied with how Korn Ferry deal with your complaint, please contact the HMT public appointments team at publicappointments-hmt@hmtreasury.gov.uk. They will acknowledge your complaint upon receipt and respond within 15 working days.

Data protection

The Cabinet Office will use your data in line with our privacy policy
The Treasury's Privacy Notice is attached. 
The Korn Ferry Privacy Notice is here.

Contact details

If you have any queries regarding this position and would like to find out more, please contact Peter Guilder at Korn Ferry.
Peter.Guilder@KornFerry.com
+44 7741 906 714

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