The U.K. Treasury on Tuesday announced the appointment of Andrew Bailey as the new permanent chief executive of the Financial Conduct Authority (FCA).
Bailey is currently the deputy governor for prudential regulation at the Bank of England and CEO of the Prudential Regulation Authority. He is expected to take up his new role in July.
Bailey replaces Martin Wheatley, who was the FCA’s first CEO. Wheatley stepped down from the regulator in September. Since then, the former head of enforcement, Tracey McDermott, has been serving as interim CEO. Earlier this year it was announced that she had withdrawn from contention for the permanent position.
“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,” says John Griffith-Jones, chairman of the FCA, in a statement.
“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,” he adds. “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.”
In addition to naming Bailey as the new CEO, the U.K. Treasury also appointed four new non-executive board members. The appointments take effect on April 1.