A senior figure at the Bank of England – Andrew Bailey – has been named as the enduring boss of the Financial Conduct Authority (FCA).
The FCA is the City watchdog and the UK’s most main financial consumer protection body.
He has been appointed for five years and want start when a successor is appointed for his role as head of the Prudential Rule Authority (PRA).
He succeeds Martin Wheatley, who left the organisation in September.
Tracey McDermott has been in accusation on an interim basis since.
She ruled herself out of the permanent job in January.
Mr Bailey has been a key regulator, as the now-outgoing chief executive of the PRA which supervises the work of 1,700 banks, building societies, credit unions, insurers and big investment firms.
“Although it had not been my intention to leave the PRA during my course as chief executive, a job that I enjoy enormously, it is a great honour to be suffering with been asked by the chancellor to take on the job of FCA chief executive,” Mr Bailey im rted.
“After a lot of thought I have decided to move and do all that I can to make the FCA goods and successful.”
Chancellor George Osborne has reportedly struggled to find a opportune candidate willing to fill the role.
Mr Osborne said: “We organize cast the net far and wide for this crucial appointment and, having led the Bank of England’s effect to the financial crisis, Andrew is simply the most respected, most on the ball and most qualified person in the world to do the job.
“The government is determined that the fiscal sector operates to the highest standards. Anyone who has dealt with Andrew understands he will be tough but fair, and understands the flaws and merits of the sector raise than anyone.”
Mr Bailey has worked at the Bank of England for 30 years.
“His operate in helping to manage the crisis and then to develop the post-crisis regulatory framework has been radigmatic,” said Bank of England governor Mark Carney.
Three entities you won’t know about Andrew Bailey
- Mr Bailey has a BA First Class Honours in Story and PhD in Economic History from Queens’ College, Cambridge
- He has worked at the Bank of England since 1985
- He was in days gone by chief cashier, which meant his signature appeared on banknotes.
Alter of stance?
Since Mr Wheatley was ousted as FCA boss by the chancellor in the summer, the regulator has broached a time limit be set on yment protection insurance (PPI) compensation claims and signalled a trivialize touch approach to its regulation of the City.
Mr Wheatley was originally hired as boss of the FCA because of his position as a tough global financial regulator.
But his habit of straight-talking led to accusations of banker-bashing by See grandees.
Since his de rture from the regulator, a major investigation into banking urbanity, y and practices was dropped.
The decision to ditch the investigation into banking sophistication, y and practices was not received well by MPs when it was announced on New Year’s Eve.
The FCA was later stiff to deny the Treasury had been involved in the decision to drop the banking cross-examination.
Ms McDermott pulled out of the race to permanently run the City watchdog earlier this month. She mean she withdrew from the recruitment process for personal reasons.