Bank of England deputy governor Andrew Bailey has been appointed as the new chief executive of the Financial Conduct Authority (FCA).
Bailey is currently the head of the Bank’s Prudential Regulation Authority (PRA), which oversees banking stability in the UK, and will remain in his current post until a successor is found.
His move to the FCA, expected to take place in July, will see him leave the central bank after 30 years.
FCA chairman John Griffith-Jones said: “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.”
Last month, the watchdog controversially scrapped a public review of Britain’s banking culture, opting to work privately with individual banks to address any concerns. The move sparked protests that, at the perceived behest of Chancellor George Osborne, the FCA was pulling its punches on the industry after several years of “banker bashing” following the 2008-9 financial crisis.
The search for a new head of the FCA was launched in July after it was announced that previous chief Martin Wheatley was standing down in a surprise move. Although Wheatley resigned from his post, his departure was widely seen as being an ousting by the UK Treasury.
Tracey McDermott had been acting as the regulator’s interim chief executive since Wheatley stepped down in September.
Osborne said: “Andrew Bailey is the outstanding candidate to be the next chief executive of the FCA, 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.”