The Bank of England (BoE) has appointed Sam Woods as deputy governor and CEO of the Prudential Regulation Authority (PRA).

Woods is currently the PRA’s executive director of insurance. He will replace Andrew Bailey, who was named head of the Financial Conduct Authority (FCA) in January 2016.

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Woods, who will assume his new role on 1 July 2016, will continue in his current role as executive director of insurance until 30 June 2016.

In his new role, Sam will be accountable for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

Commenting on the appointment, Bank of England Governor Mark Carney said: "Sam is a dedicated public servant, a forward-looking policymaker and a natural leader.

"His broad experience and personal qualities will be vital in building on Andrew Bailey’s extraordinary contributions since the creation of the PRA in 2013.

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"My colleagues and I look forward to working closely with Sam as the Bank of England continues its important mission of promoting the good of the people of the United Kingdom by maintaining monetary and financial stability."

Woods said: "The PRA has made a strong start as a prudential regulator under Andrew Bailey’s leadership and I look forward to continuing our work with the aim of promoting safety and soundness, protection of policyholders and financial stability more broadly."