Sam Woods has been appointed deputy governor for the Bank of England with responsibility for prudential regulation.

He replaces Andrew Bailey.

Andrew Tyrie MP, chairman of the Treasury Committee, said: “Sam Woods is well placed to ensure the implementation of the main recommendations of both the Vickers and Banking Commissions.

“Andrew Bailey has done a good job of creating the PRA out of the ashes of the FSA. Mr Woods will want to build on that.

“The Treasury Committee will see him for a pre-commencement hearing.”