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27th January 2016
The PRA’s CEO appointed to become new FCA Chief Executive
It was yesterday confirmed that the Bank of England’s Andrew Bailey has been appointed as the new Chief Executive of the FCA.
Mr Bailey is expected to take on the permanent role in July 2016 with Tracey McDermott, (previously Director of Enforcement & Financial Crime at the FCA) remaining on as acting Chief Executive of the FCA until such time.
Since the former FCA Chief Executive, Martin Wheatley, stepped down in September last year, Tracey McDermott has been filling in; however Ms McDermott withdrew herself from the running for taking on the top role in December 2015. Whilst a number of other candidates had been hotly tipped to take the reins, it is Andrew Bailey that will step into the breach.
Mr Bailey, current Deputy Governor for Prudential Regulation at the Bank of England and CEO of the Prudential Regulation Authority (PRA), has over 30 years experience working at the Bank of England. Many across the country will be familiar with his name - and signature - that can be seen upon English bank notes from his time as Chief Cashier for the Bank.
In announcing Mr Bailey’s five year appointment, the Chancellor of the Exchequer , George Osborne MP said:
“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.”
Rt. Hon. George Osborne MP, January 2016
Strong accolades it seems and as Head of the City watchdog the role has big shoes to fill, however it surely seems Mr Bailey has the experience required to take control of the helm. It will certainly be interesting to see the direction in which he steers regulation for the City.
FCA’s New Chief Executive Named as PRA’s Andrew Bailey
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Following the announcement of his appointment, Mr Bailey today gave a speech in his current role at the PRA on ‘Post crisis reforms: the lessons of balance sheets’ at the International Financial Services Forum in Dublin.