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
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.
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.
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