Sam Woods, PRA Executive Director of Insurance Supervision, has been appointed as the PRA Chief Executive and Bank of England Deputy Governor for Prudential Regulation for a five year term. Mr Woods will begin his new role on 1 July 2016 and will replace the current incumbent, Andrew Bailey. Mr Bailey has been appointed as FCA Chief Executive and will take up this position on 1 July 2016, replacing acting Chief Executive, Tracey McDermott, who will leave the FCA on this date.