UK to Slash Financial Regulations by 25% as PRA Seeks New CEO
The UK government is set to ease regulatory burdens for financial firms, with plans to cut red tape by 25%. Meanwhile, a recruitment process is underway to find a successor for Sam Woods, the outgoing chief executive of the Prudential Regulation Authority (PRA).
FCA's chief executive, Nikil Rathi, is eager to speed up processes to boost growth in the financial services sector. The government's pledge to reduce regulatory burden by 25% is expected to support this drive.
Chancellor Rachel Reeves is leading the search for Woods' successor. Two potential candidates have emerged: Katharine Braddick, currently at Barclays, and David Bailey, executive director for prudential policy at the Bank of England. Braddick's previous roles at the FCA and PRA make her a strong contender. Bailey, an internal candidate, is also in the running. The new hire will join at a time when regulators are tasked with promoting growth.
The PRA, under Woods' leadership, has been working to simplify regulations, aiming to save banks around £26m in administrative costs. The new chief executive will continue this effort, ensuring regulations are proportionate and effective.
The government's commitment to reducing regulatory burden and the ongoing recruitment process for the PRA's top role signal a shift towards growth-focused regulation in the UK's financial sector.
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