The Financial Conduct Authority (FCA) has today named Andrew Bailey as its new chief executive.
Bailey, who is currently the deputy governor for Prudential Regulation at the Bank of England (BoE) and chief executive of the Prudential Regulation Authority, is expected to assume the role in July.
He will replace acting chief executive Tracey McDermott who decided late last year to withdraw from the process to appoint the permanent chief executive.
Bailey joined the Financial Services Authority (now FCA) in 2011 as deputy head of the Prudential Business Unit and director of UK banks and building societies and has been and a member of the FCA board since 2013.
He has occupied several other roles at the BoE, most recently as executive director for banking services and chief cashier, as well as head of the bank’s Special Resolution Unit (SRU). Previous roles include governor’s private secretary and head of the International Economic Analysis division in Monetary Analysis.
FCA chairman John Griffith-Jones 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.
“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.”
Chancellor George Osborne wrote on Twitter he was “delighted” to announce Bailey would lead the FCA, adding he was the “most respected and qualified candidate for this crucial job”.
Former CEO Martin Wheatley stood down from the role in September last year, but continues as an adviser to the FCA board until the end of this month.
