U.K. Seeks Third BOE Deputy Governor for Prudential Regulation

Britain’s Treasury is seeking a third deputy governor at the Bank of England as part of its overhaul of banking regulation in the aftermath of the financial crisis, according to a notice on the government’s website.

The Treasury is seeking a deputy governor for prudential regulation, a role that will be created as part of the Financial Services Bill due to take effect next year. The advert said the new deputy governor will work closely with the chancellor of the exchequer, and will be the chief executive officer of the Prudential Regulation Authority as well as a member of the central bank’s Financial Policy Committee.

“The successful candidate must demonstrate that he or she can successfully lead, influence and manage the formation of the PRA, inspiring confidence and credibility both with the PRA, throughout financial markets and in the wider public arena,” the advert said.

The role carries a salary of 260,000 pounds ($423,400) plus pension. That compares with the 263,020 pounds in salary and benefits earned in 2011-2012 by Paul Tucker, deputy governor for financial stability, and 260,401 pounds earned by Charlie Bean, deputy governor for monetary policy.

BOE governor-designate Mark Carney will earn 480,000 pounds when he takes over in July, plus a further 144,000 pounds in lieu of pension, and a 250,000-pound annual housing allowance, the central bank said yesterday.

The closing date for applications role is 9 a.m. on Jan. 14, and interviews are scheduled to take place between Jan. 21 and Feb. 8.

To contact the reporter on this story: Jennifer Ryan in London at jryan13@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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