Banking watchdog raises customer protection to £120,000 Banking The UK banking watchdog has raised the cap for how much a customer can be paid if their provider fails. The Prudential Regulation Authority (PRA) has hiked the limit to £120,000 from £85,000 meaning additional customer funds will be protected if their lender collapses. The limits come under the Financial Services Compensation Scheme (FSCS), which [...]
Banking watchdog boss warns easing capital rules ‘highly risky’ Banking The head of the UK’s banking watchdog has warned of high risk if the UK loosens its rules around lenders’ capital framework as the government pushes for economic growth. Sam Woods, the head of the Prudential Regulation Authority (PRA), said requiring banks to no longer set aside capital for top-tier sovereign bonds would “be equivalent [...]
Rachel Reeves mulls hiring ‘outsider’ for banking watchdog role Banking Chancellor Rachel Reeves is looking to hire a City heavyweight to succeed Sam Woods as the chief executive of the main banking watchdog once his term ends in the middle of next year, it has been reported. Sam Woods’ term as chief executive of the Prudential Regulation Authority (PRA), the watchdog which is part of [...]
Bank of England ‘analysing’ end of dollar’s prestige April 29, 2025 The Bank of England’s stability watchdog is assessing the potential impacts of the dollar’s recent slump after President Trump’s tariffs spooked investors. Sam Woods, head of the Prudential Regulation Authority (PRA) and Bank deputy governor, suggested that the first month of Trump’s global trade war had diminished the dollar’s status as a safe haven currency. [...]
PRA under pressure to cut red tape as growth plans fail to excite the City January 22, 2025 The banking regulator is under pressure to go further and faster in its efforts to cut red tape from the City after it outlined plans to boost the growth of firms within its remit last week. In a letter to the Prime Minister and Chancellor, the PRA, which sits within the Bank of England and [...]
UK’s banking regulator ‘extremely mindful’ of US on capital rules overhaul September 3, 2024 The UK’s banking regulator is “extremely mindful” of pushing ahead with a sweeping set of capital rule changes while the US’s reform package remains up in the air, its chief executive has said. Sam Woods, the deputy governor of the Bank of England and boss of the Prudential Regulation Authority, told the Following the Rules [...]
