The Bank of England has appointed Sam Woods as the deputy governor in charge of prudential regulation.

Mr Woods, who will also take up the role of chief executive of the Prudential Regulation Authority (PRA), will succeed Andrew Bailey who is to leave the Bank after 30 years to become the chief executive of the Financial Conduct Authority (FCA).

The Bank said Mr Woods will remain as the PRA's executive director of insurance until he takes up the role on July 1 on a renewable term of five years.

Chancellor George Osborne said Mr Woods was a "public servant of great integrity and will bring real judgement to the job".

He added: "Sam has been one of the architects of the government's crucial reforms to financial regulation - playing a key role in the work of the Independent Commission on Banking.

"I believe Sam is the best person to ensure that these vital reforms he helped design will be a success and to deliver a strong, secure and globally competitive regime for all financial services."

Bank of England governor Mark Carney added: "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."

Mr Woods will take charge of prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

He will also sit on the Bank's Court of Directors, the Financial Policy Committee, the Board of the Prudential Regulation Authority and the Board of the Financial Conduct Authority.

He 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."

Mr Woods spent ten years working at the Treasury in a number of roles, including chief operating officer for UK financial investments and secretary of the Independent Commission on Banking.

He moved to the Financial Services Authority in 2011 before joining the Bank of England in 2013.

In his current role as executive director of insurance, he oversees the supervision and regulation of more than 600 insurance firms.

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The chief executive of insurance giant Aviva, Mark Wilson, said: "Andrew Bailey has left big shoes to fill and Sam Woods is the right man to fill them.

"A strong regulator needs to be very smart, tough and pragmatic. Sam fits the bill. He has experience forged in the heat of major regulatory change. He will bring judgment and challenge to the role, based on his experience regulating both banking and insurance."

mfl