The FCA has appointed Andrew Bailey, previously at the Bank of England for 30 years, as the new head of the UK city watchdog.
Bailey replaces Martin Wheatley, who left the organisation in September and Tracey McDermott, who had taken on the role on an interim basis. McDermott decided not to be in the running for taking on the job permanently in January.
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Bailey has been appointed to the role for five years which will commence when a replacement is found for his current role as head of the Prudential Regulation Authority (PRA). According to The Gurdian newspaper, The Bank of England governor, Mark Carney, said it could take up to six months for Bailey to take up the new role.
In his role as the chief executive of the PRA, Bailey had been a key regulatory figure – overseeing the work of 1,700 banks, building societies, credit unions, insurers and major investment firms.
Bailey’s appointment comes after a worldwide search for Wheatley’s replacement, since July 2015. UK Chancellor of the Exchequer, George Osborne, had reportedly struggled to find a suitable candidate willing to fill the role.
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