Katharine Braddick, a seasoned Barclays executive and former senior Treasury official, has been appointed as the next Deputy Governor for Prudential Regulation at the Bank of England and Chief Executive of the Prudential Regulation Authority (PRA), according to announcements made on February 27, 2026. Braddick is set to succeed Sam Woods when his term concludes at the end of June, stepping into one of the most influential regulatory roles in the UK financial system at a time of intense scrutiny and change.
Braddick’s appointment marks a significant moment for the UK’s approach to financial regulation. Her career spans both the private and public sectors, including nearly two decades in public service and her current role as group head of strategic policy at Barclays. As reported by Reuters, she joined Barclays in 2022 after holding senior posts at the Bank of England, the Financial Services Authority, and the Treasury, where she was instrumental in Brexit negotiations impacting the City of London. Her breadth of experience is seen as a major asset as the government seeks to balance growth, innovation, and financial stability.
The move comes amid a broader push by ministers to ensure that UK regulators are not just robust in maintaining resilience but also ambitious in supporting economic growth and competitiveness. The Treasury emphasized this dual mandate, stating that Braddick’s appointment "underlines the government’s expectation that the UK’s regulators are robust on resilience and ambitious on growth." This approach is reflected in recent regulatory changes, such as reforms enabling more high loan-to-income mortgages for first-time buyers, streamlining burdens for smaller banks, and revising capital rules to encourage lending to small businesses and infrastructure projects. According to official statements, these initiatives have already unlocked up to 36,000 additional mortgages and saved firms around £26 million annually by reducing unnecessary reporting requirements.
Chancellor Rachel Reeves was effusive in her praise for Braddick, describing her as "an accomplished pro-business leader with the experience to keep our financial system safe while backing the investment and lending that drives growth." Reeves further noted, "She understands the City and regulation, and will help ensure the UK remains one of the best places in the world to do business." The message from the government is clear: Braddick is expected to deliver on both fronts—maintaining high regulatory standards while fostering an environment conducive to investment and business expansion.
Braddick’s remit will be broad and complex. As Deputy Governor and PRA chief, she will oversee the supervision and regulation of banks, building societies, insurers, and major investment firms. She will also serve on the Prudential Regulation Committee, the Financial Policy Committee, and the Court of the Bank of England, making her a central figure in shaping the UK’s prudential rulebook and implementing the Bank’s statutory objectives. This leadership role is particularly crucial as the financial sector faces ongoing global competition and evolving regulatory demands.
Her appointment followed a fair and open competition, in line with the Governance Code on Public Appointments, and was subject to pre-commencement scrutiny by the Treasury Select Committee. The process culminated in approval by His Majesty The King, with Braddick’s five-year term set to begin on July 1, 2026. The Deputy Governor for Prudential Regulation is formally appointed on the recommendation of the Prime Minister and the Chancellor of the Exchequer, underscoring the importance of the role within the UK’s institutional framework.
Andrew Bailey, Governor of the Bank of England, welcomed Braddick’s return to the Bank, stating, "I am very happy to welcome Katharine Braddick back to the Bank as Deputy Governor for Prudential Regulation. Katharine has vast experience both in the public and private sectors, and I am confident that she will lead the PRA with great ambition and skill, maintaining strong regulatory foundations to underpin a growing financial sector and a thriving economy." Bailey also took the opportunity to thank outgoing Deputy Governor Sam Woods for his years of dedicated service, noting his pivotal role in shaping the post-2008 regulatory regime that governs capital and liquidity standards for UK banks and insurers.
Braddick’s career trajectory makes her uniquely suited for this moment. She spent a decade as head of banking at the now-defunct Financial Services Authority, including during the tumultuous period of the 2008 financial crisis. After the FSA’s responsibilities were divided between the PRA and the Financial Conduct Authority, Braddick continued to play a key role in shaping UK financial regulation. Her subsequent work at the Treasury, particularly during Brexit negotiations, gave her a front-row seat to the complexities of maintaining the UK’s global competitiveness while safeguarding domestic stability.
The City of London Corporation, which represents the interests of the UK’s financial district, also welcomed Braddick’s appointment. Chris Hayward, the Corporation’s policy chairman, remarked, "At a time of significant regulatory reform and global competition, it’s crucial we have someone with her depth of knowledge and expertise in the role." The sentiment echoes the broader City view that Braddick’s blend of private sector insight and regulatory acumen is exactly what’s needed as the UK navigates a rapidly changing financial landscape.
Of course, any transition from a major bank to a regulatory post raises questions about conflicts of interest. The Bank of England has outlined clear steps to address these concerns: Braddick will cease all work for Barclays immediately, receive any deferred bonuses in full, and will be barred from participating in supervisory or enforcement decisions related to Barclays for the first six months of her tenure. David Roberts, chair of the Bank’s supervisory board, explained in a letter to Parliament’s Treasury Committee that a longer recusal was impractical given Barclays’ central role in the UK financial system. This approach follows lessons learned from previous controversies, notably the 2017 resignation of Charlotte Hogg over transparency issues regarding family ties to Barclays.
Braddick’s appointment is also seen as part of a broader trend, with the government increasingly looking to private sector leaders for top regulatory posts. This strategy is not without its critics. While supporters argue that industry experience is vital for effective, pragmatic regulation, some former regulators and executives have sounded alarms about potential risks—particularly in areas like private credit, which some fear could pose threats reminiscent of the 2008 financial crisis if not properly managed.
Braddick’s leadership will be tested as she inherits unresolved questions about capital requirements, lending buffers, and the balance between supporting growth and ensuring resilience. The PRA’s recent reforms—such as the "Strong and Simple" regime for smaller banks and the Future Banking Data initiative—demonstrate the ongoing effort to reduce unnecessary burdens while maintaining robust oversight. Her ability to continue this delicate balancing act will be closely watched by policymakers, industry leaders, and the public alike.
With her appointment, the UK signals its intent to remain at the forefront of global finance, blending regulatory rigor with a pro-business outlook. As the sector looks ahead to new challenges and opportunities, all eyes will be on Braddick to see how she shapes the next chapter in the UK’s financial story.