Andrea Enria Joins UK’s PRA as Senior Adviser

Andrea Enria, former head of the European Central Bank’s (ECB) financial watchdog, has joined the UK’s Prudential Regulation Authority (PRA) as a senior adviser. The Bank of England’s regulatory arm confirmed that Enria began his new role in recent weeks. A spokesperson for the Bank of England noted, “Andrea’s extensive global experience of financial regulation and supervision will make a useful contribution to the PRA’s work.”

Enria, 63, brings nearly 40 years of experience in supervision and regulation. He previously chaired the European Banking Authority, coordinating the European Union’s banking policy and overseeing the region’s stress tests. His tenure as chair of the ECB’s Supervisory Board, though generally seen as fair, faced criticism from banks for a pandemic-era dividend ban.

In his new role at the PRA, Enria will offer a different perspective and assist in engaging with institutions on their capital and liquidity strategies. He will also contribute to thematic work. The PRA, led by veteran civil servant Sam Woods, oversees the financial safety and soundness of the UK’s largest lenders, insurers, and investment firms, totalling around 1,500 companies.

The PRA has had a sometimes-tense relationship with the former Conservative government, including public disagreements over insurance solvency standards and regulatory intervention proposals. These issues culminated in the dropping of the “call-in” power in favour of a mandate to promote the competitiveness of the UK’s financial services industry.

Under Prime Minister Keir Starmer’s new Labour government, the PRA faces significant decisions, such as whether to implement the latest global bank capital reforms in mid-2025 or to delay some elements in line with the EU pending the outcome of discussions in the US. Other key issues include advancing the “strong and simple” regime for smaller banks, promising more proportionate regulation, and adjusting the ring-fencing regime that separates large banks’ retail businesses from their trading activities.