Internal candidate Sam Woods replaces Bailey at PRA

Sam Woods, the executive director of insurance at the Prudential Regulation Authority, will take over on 1 July from Andrew Bailey as chief executive as well as deputy governor for prudential regulation at the Bank of England. Bailey’s surprise appointment in January as chief executive of the Financial Conduct Authority ended months of speculation as to who would succeed Martin Wheatley, who left last September after he learned that the Chancellor would not renew his tenure.