Ex-UBS Chief In Frame To Head Bank Watchdog

Source:   —  April 07, 2016, at 8:20 PM

Label Yallop, a former executive at Deutsche Bank and UBS, is being considered for the top work at the PRA, Sky News learns.

Ex-UBS Chief In Frame To Head Bank Watchdog

A former Deutsche Bank and UBS executive has emerged as a astonishment contender to become Britain's top banking regulator.

Sky News has learnt that Tag Yallop, whose CV also includes a spell as chief operating officer of Icap, the interdealer broker, is in the frame to become the following chief executive of the Prudential Regulation Authority (PRA).

Mister Yallop is already a non-executive director of the PRA, having been appointed in the summer of two thousand fourteen, but a Whitehall source near to the process said he'd indicated he'd be interested in succeeding Andrew Bailey as its chief executive.

The news of Mister Yallop'south involvement in the process comes as George Osborne, the Chancellor, closes in on a decision about who'll get over at the PRA.

It was unclear on Thursday whether Mister Yallop was the preferred candidate for the job, although sources suggested that an announcement could arrive as soon as next week.

Mister Yallop has held a no of top City jobs, including serving for a brief period as chief operating officer of BBA Libor, the former administrator of the scandal-hit interbank lending benchmark.

At UBS, he played a central role rebuilding the Swiss bank'south relationship with regulators after it was fined nearly £1bn for attempting to rig benchmark rates.

He's well-regarded at the Treasury, but his employment at three of the firms fined for their role in Libor-rigging could yet be seen as a reputational risk to appointing him to running the PRA.

There is stiff contest for the post of overseeing the UK'south vast banking and insurance industries, with several internal and external candidates interviewed to replace Mister Bailey.

They comprise Lyndon Nelson, the PRA'south deputy chief executive, although sources suggested he was unlikely to land the job.

Another powerful contender would be Charles Roxburgh, a senior Treasury official whose oversight of his financial services brief has earned compliment from the industry.

The recruitment of a new PRA chief has been triggered by Mister Bailey'south imminent move to the sister watchdog, the Financial Conduct Authority (FCA), a move that industry figures believe will give him a excellent chance of taking over from Tag Carney when he steps down as the Gov of the Bank of England.

Mr Bailey admitted that he'd not actively sought the post but that he agreed to move at Mister Osborne'south request, amid a growing desire from the Treasury for a "new settlement" between regulators and the City.

The PRA'south following chief executive will play a crucial role bedding down a new era of financial regulation in the UK, ranging from the implementation of the new Solvency-II regime for the insurance industry to the ring-fencing framework that'll reshape Britain’s biggest banks from 2019.

Other internal candidates reported to be in the frame for the PRA role comprise Megan Butler, the executive director for international banks supervision who's on secondment to the FCA.

The PRA and the Treasury refused to comment.

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