The Bank of England has appointed Anna Sweeney and Charlotte Gerken as the Prudential Regulation Authority’s (PRA) new Executive Directors of Insurance Supervision, and are co-leading the Insurance Directorate.
Established in 2013 and sitting within the Bank of England, the PRA is responsible for the prudential regulation and supervision of around 1,500 banks, building societies, credit unions, insurers and major investment firms.
Anna Sweeney has spent her entire career in regulation, first with the Financial Services Authority and then the Bank of England, where she was latterly Director of Insurance Supervision and has led the supervision of a number of the largest banks and insurers. Anna is responsible for the supervision of the UK’s general insurance sector, including Lloyds of London, and is also leading a strategic review of the PRA and its target operating model.
After an early career at the Royal Bank of Scotland, Charlotte Gerken has spent the majority of her career in financial regulation with the Financial Services Authority and the Bank of England, where she was latterly Director of Prudential Policy. Charlotte is responsible for the supervision of the UK’s life insurance sector and, in addition to her executive role at the Bank, she also sits as a non-executive director on the RTGS/CHAPS Board and Board Risk Committee.
Anna and Charlotte take over from David Rule, who has moved to the Financial Reporting Council on secondment from the Bank as Executive Director of Supervision.