Reeves kicks off hunt for £314,000-a-year-bank watchdog chief

Rachel Reeves has fired the starting weapon connected the hunt for Britain's adjacent apical slope regulator - and is calling connected elder financiers to participate the contention arsenic candidates.

Sky News tin uncover that the chancellor has formally initiated a hunt for the adjacent main enforcement of the Prudential Regulation Authority (PRA), which sits wrong the Bank of England.

In a recruitment advertisement which went unrecorded connected Friday, the Treasury said "senior enforcement acquisition successful a large bank, insurer oregon different fiscal institution" was 1 of 2 "desirable criteria" for the eventual appointee.

The authorities has besides extended the duration of the PRA main executive's word to 5 years, from four, bringing it into enactment with the brag of the Financial Conduct Authority (FCA).

Sam Woods, who volition measurement down successful June adjacent year, has served for 2 four-year terms.

His successor volition gain £314,000-a-year, according to the recruitment ad, astir successful enactment with Mr Woods' wage package.

Last month, Sky News revealed that Ms Reeves was keen to enlistee a heavyweight outsider to tally the PRA, with Katharine Braddick, a elder Barclays enforcement who antecedently worked astatine the Treasury, among the expected contenders.

The wording of the occupation spec whitethorn lengthen the likelihood connected the assignment of an interior campaigner specified arsenic David Bailey, the Bank of England's enforcement manager for prudential policy.

Ms Reeves's tendency for an outsider with manufacture acquisition comes amid a wider propulsion for Britain's economical watchdogs to region reddish portion and reorient themselves towards growth-focused policies.

A Treasury insider said the chancellor regarded the PRA main enforcement recruitment process to beryllium a cardinal constituent of the government's thrust to jumpstart economical growth.

Next month, she volition contiguous her Budget, a fiscal lawsuit connected which the government's economical credibility is apt to rest.

Candidates to regenerate Mr Woods are expected to beryllium interviewed successful the caller year, with an assignment apt by the spring.

Mr Woods has been viewed arsenic a imaginable campaigner to win Andrew Bailey erstwhile the Bank of England governor's word runs retired successful 2028, though it is unclear whether helium covets the job.

As CEO of the PRA, Mr Woods is besides a lawman politician of the Bank of England, a subordinate of the Bank's Court of Directors, and a manager of the FCA.

The chancellor has already shown a willingness to enlistee outsiders to elder roles astatine the Treasury, appointing Bank of America concern banking seasoned Jim O'Neil arsenic 2nd imperishable caput to the Treasury earlier this year.

Mr O'Neil had besides served arsenic the caput of UK Financial Investments, the bureau acceptable up to negociate taxpayers' stakes successful Britain's bailed-out banks.

The Treasury declined to remark further.