BoE taps asset-manager exec
The Bank of England appointed Michelle Braddick, CEO of Legal & General Investment Management, as Deputy Governor for Prudential Regulation — a signal markets expect more model-driven oversight from the BoE. That appointment tightens the link between commercial asset-management practices and regulatory expectations on stress testing and model governance.
The appointee is Katharine Braddick, a Barclays group head of strategic policy and former HM Treasury and FSA banking official, who will take up the Deputy Governor for Prudential Regulation post on 1 July for a five‑year term. (bankofengland.co.uk) She will inherit the PRA’s Future Banking Data programme that confirmed deletion of 37 reporting templates (implementation aimed at end‑2025) and estimates initial industry savings of about £26 million, alongside PRA measures that the Bank says have unlocked up to 36,000 additional high loan‑to‑income mortgages and introduced a “Strong and Simple” regime for smaller banks. (bankofengland.co.uk) Governance steps on the appointment include Bank court assurances that Braddick will receive deferred Barclays cash and share payments before starting and will not be involved in supervisory or enforcement decisions relating to Barclays for six months. (fstech.co.uk) The PRA’s published papers frame Future Banking Data as a shift “from regulatory reporting to regulatory intelligence,” aiming to replace legacy templates with higher‑quality, timelier data feeds that enable automated supervisory analytics and continuous monitoring. (finextra.com) Regulatory focus on model risk and stress‑testing governance is already rising: industry analyses note model governance work dominates capital stress‑testing cycles and that supervisors expect stronger model risk management frameworks across banks. (moodys.com) Recruiting patterns reflect that shift — live job descriptions for regulatory reporting and model‑validation roles specify Python, SQL, ETL/data‑platform experience (Azure/Spark), and independent implementation of challenger models as core requirements — examples include Societe Generale’s Regulatory Reporting Data Engineer and MUFG’s Quantitative Model Validation roles. (careers.societegenerale.com)
