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PRA deputy head to quit
23 September 2013
Sharma to leave regulator and Bank of England
Prudential Regulatory Authority
Bank of England
Paul Sharma, deputy head of the UK's Prudential Regulation Authority (PRA) and executive director at the Bank of England for Policy, has announced he is to stand down.
Sharma, who was director of prudential policy at the Financial Services Authority, the PRA's precursor, is to join consulting firm Alvarez & Marsal as co-head of its regulatory practice.
The PRA said it would start the processes of appointing Sharma's successor shortly.
Sharma said: "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."
Sharma joined the FSA in 1999, prior to which, he was a specialist insurance regulator at the UK's Department of Trade and Industry. He has also held auditing and consulting roles at Ernst and Young.
Andrew Bailey, deputy governor for prudential regulation and chief executive of the PRA, said Sharma has made an “enormously valuable contribution” during his career as a regulator, with input on a wide variety of banking and insurance issues in the UK, Europe and beyond.
Bailey added: “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.”