Andrew Bailey, deputy governor for prudential regulation at the Bank of England, has been appointed permanent chief executive officer (CEO) of UK financial regulator the Financial Conduct Authority (FCA).
Bailey (pictured) has been at the central bank for 30 years. He will remain in his post until a successor is appointed, although the FCA expects him to assume the role in July this year.
The FCA has been searching for a new permanent chief executive since Martin Wheatley unexpectedly resigned from his role last July. Since then, Tracey McDermott has been interim chief executive of the FCA.
Bailey served at FCA forerunner, the Financial Services Authority, from April 2011 until the body was abolished in 2013.
“Although it had not been my intention to leave the PRA [Prudential Regulation Authority] during my term as CEO, a job that I enjoy enormously, it is a great honour to have been asked by the Chancellor to take on the job of FCA CEO,” said Bailey.
“After a lot of thought I have decided to move and do all that I can to make the FCA effective and successful."
In a statement, Bank of England Governor Mark Carney praised Bailey as an “extraordinary” public servant.
"I wish him every success in steering the FCA at this vital time in its history. I admire his commitment to ensuring the UK's financial system serves its real economy and I look forward to continuing to work closely with him in future,” he said.
Commenting on the news, Jamie Risso-Gill, director of Per Ardua Associates, a financial services advisory firm, said Bailey’s appointment will give confidence to the City and the UK financial services industry as a whole.
“I think he will tread the line between maintaining the regulator’s role of enforcer and working with the industry in a constructive way. Bailey not only understands the role of the regulator, he also crucially understands the business agenda, without being beholden to it.”
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