Chancellor George Osborne has announced that Andrew Bailey, the current chief executive of the Prudential Regulation Authority (PRA), will be the new permanent chief executive of the Financial Conduct Authority (FCA).
Bailey also holds a position of deputy governor for prudential regulation at the Bank of England and he is expected to take up the FCA role in July 2016. A new chief executive for the PRA will be found in the interim.
John Griffith-Jones, chairman of the FCA, said: “I am delighted that Andrew has been appointed as the new chief executive. He brings unrivalled regulatory experience, a proven track record and an excellent reputation in the UK and internationally.
“Having been an FCA board member since 2013, he has been fully engaged with all the regulatory issues that we have faced in recent years and in setting our strategy for the future.”
Griffith-Jones added: “I look forward to working with Andrew. He has done a great job at the PRA and he will build on the work the FCA has done over the last three years as a strong, independent regulator.
“I would also like to thank Tracey McDermott for the excellent job she has been doing as the acting CEO and for agreeing to remain in post until Andrew starts.”
Osborne said: “Andrew Bailey is the outstanding candidate to be the next chief executive of the Financial Conduct Authority, and I am delighted that he has agreed to lead it.
“We have cast the net far and wide for this crucial appointment and, having led the Bank of England’s response to the financial crisis, Andrew is simply the most respected, most experienced and most qualified person in the world to do the job.
“His appointment is an important next step in the establishment of the FCA as a strong regulator, independent of government and industry.”
The Treasury has today also appointed four new non-executive FCA board members. They are:
• Bradley Fried;
• Baroness (Sarah) Hogg;
• Ruth Kelly;
• Tom Wright;
These appointments will take effect from April 1. They replace Sir Brian Pomeroy and Amanda Davidson who will step down from the board on March 31, and Mick McAteer who stood down on December 31 2015.
By Marcel LeGouais