Sam Woods take over from Andrew Bailey as head of the Prudential Regulation Authority in July.
Woods works as executive director of insurance at the PRA and will join on a five year renewable term.
Bailey will leave to become the Financial Conduct Authority’s new boss at the end of June.
Mark Carney, governor of the Bank of England, said: “Sam is a dedicated public servant, a forward-looking policymaker and a natural leader.
“His broad experience and personal qualities will be vital in building on Andrew Bailey’s extraordinary contributions since the creation of the PRA in 2013.
“My colleagues and I look forward to working closely with Sam as the Bank of England continues its important mission of promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.”
Woods spent 10 years at the Treasury before joining the Bank of England.
He will sit on the Bank’s court of directors, the Financial Policy Committee, the board of the PRA and the board of the FCA.
