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Bank of England director to step down

Bank of England executive director for policy Paul Sharma is stepping down from his position after 20 years of being a regulator.

Sharma, who is also deputy head of the Prudential Regulation Authority, will take up a position as co-head of consultancy firm Alvarez & Marsal’s regulatory practice. It is not yet known the Sharma will leave the BoE.

Before the switch to the “twin peaks” regulatory structure in April, Sharma spent 14 years at the Financial Services Authority, where he was director of policy and deputy head of the prudential business unit.

Prior to his time at the FSA he was deputy director of the UK Department of Trade and Indsutry, between 1993 and 1998, and before this he spent five years at Ernst & Young as a manager.

PRA chief executive Andrew Bailey says: “In particular I would like to thank Paul for the role that 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 twenty 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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