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Bank of England executive director steps down

Bank of England executive director for policy Paul Sharma is leaving the organisation after 20 years working as a regulator.

Sharma, who is also deputy head of the Prudential Regulation Authority, is leaving to become co-head of consultancy firm Alvarez & Marsal’s regulatory practice. The Bank of England says it will begin to look for Sharma’s successor shortly.

Before the regulatory restructure in April, Sharma spent 14 years at the FSA, where he was director of prudential policy. He has also worked as a specialist insurance regulator at the Department of Trade and Industry and as an auditor and consultant at Ernst and Young.

PRA chief executive Andrew Bailey says: “I would like to thank Paul for the role he has played in helping to reform both the domestic and international regulatory landscape since the financial crisis.

“He has made a huge contribution in helping to set up and embed a judgement-based approach to the prudential regulation of banks and insurance firms as part of the PRA and can be proud of his achievements.”

Sharma says: “The past 20 years as a regulator have allowed me to experience a wide range of challenges and developments in global and domestic regulation across both banking and insurance.

“It has been a great privilege working at the Bank of England but now is the time to seek a fresh challenge and I want to wish all of my colleagues the best for the future.”

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