26th January 2016
The Treasury has appointed a new chief executive of City watchdog the Financial Conduct Authority: Andrew Bailey.
Bailey is currently the deputy governor for Prudential Regulation at the Bank of England and chief executive of the Prudential Regulation Authority. He is expected to take up the role in July 2016.
John Griffith-Jones, chairman of the FCA says: “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.”
“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 also thanked Tracey McDermott for her work as acting CEO and for agreeing to remain in post until Bailey starts
These appointments will take effect from 1 April 2016. They replace Sir Brian Pomeroy and Amanda Davidson will step down from the Board on 31 March 2016, and Mick McAteer who stood down on the 31 December 2015.
John Griffith-Jones, chairman of the FCA adds: “These are really significant appointments, which further strengthen the broad experience of the board. I would also like to thank Sir Brian, Amanda and Mick for the invaluable contribution they have given to the FCA over recent years.”
Which? group chief executive, Peter Vicary-Smith, says: “We urge the new chief executive of the FCA to have an unwavering focus on cleaning up financial services to ensure it works in the best interests of consumers. A strong, proactive and independent regulator is essential to restoring consumers’ confidence and promoting competition in the industry.”