Sam Woods, a former U.K. Treasury official, was appointed as deputy governor for regulation at the Bank of England, replacing Andrew Bailey.
Woods — who will continue as the central bank’s executive director of insurance until the end of June — becomes chief executive of the Prudential Regulation Authority, the U.K.’s main banking supervisor, the Treasury in London said on Friday. He will also join the BOE’s committee overseeing financial stability and the board of the Financial Conduct Authority.
The role sees Woods take on responsibility for monitoring the U.K. financial sector and its risk-taking. His elevation to the second highest level at the BOE comes just over a year after his move to take over insurance supervision in January 2015. Prior to that he was director for Financial Stability and, before joining the central bank, he worked for 10 years at the Treasury.
“Sam is a dedicated public servant, a forward-looking policymaker and a natural leader,” BOE Governor Mark Carney said in a statement.
Chancellor of the Exchequer George Osborne said in a Twitter posting that Woods will bring “integrity and judgment” to the role.
Woods takes a seat on the FPC — the central bank’s 10-member panel tasked with taking a broad view of financial stability and acting to prevent a buildup of systemic threats. Set up in the wake of the financial crisis, Osborne has asked the stability panel to keep an even closer eye on the risks to Britain’s economy as the threat of a global growth slowdown and the referendum on European Union membership cloud the outlook.
Bailey is leaving to become chief executive of the Financial Conduct Authority, and will retain a seat on the FPC.
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