Andrew Bailey appointed head of the FCA

Author: Tom Young | Published: 26 Jan 2016
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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 internationally."

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 practice. 

"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 added.

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 Cunliffe.

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.

See also:

Why did the FCA really drop its bank culture review?