The UK's Financial Conduct Authority (FCA) has a new chief
executive, Andrew Bailey, whose appointment was announced
today. Bailey replaces Martin Wheatley who stood down from the
role in September last year.
Bailey is currently the deputy governor for prudential
regulation at the Bank of England and chief executive officer
of the Prudential Regulation Authority. He is expected to take
up the role in July 2016.
John Griffith-Jones, chairman of the FCA said in a press
release: "David brings unrivalled regulatory experience, a
proven track record and an excellent reputation in the UK and
Lawyers are expected to welcome the news. "Andrew's
appointment will be well received in the city," said John
Ahern, partner in Jones Day's financial regulatory
"He has a fine mind and is very pragmatic in his outlook.
With more than 30 years of experience at the Bank of
England , he will be able to navigate the corridors of Treasury
and No.11 with ease - something so vital to the role," he
Bailey will take over from the acting chief executive,
Tracey McDermott, when his replacement is found at the PRA.
Several internal Bank of England candidates could take his job,
including deputy governors Minouche Shafik or Sir Jon
Bailey's appointment coincides with a
period of intense scrutiny of the FCA, following the news
in December last year that it has scrapped its plans to
investigate the internal culture of British banks.
Why did the FCA really drop its bank culture