New Head of FCA Announced

The new head of the Financial Conduct Authority has been announced as Andrew Bailey, Deputy Governor of the Bank of England. He will take his new role as regulator-in chief after his current position, head of the Prudential Regulation Authority, once a replacement has been found.

Mr Bailey’s appointment was something of a surprise, as until now he had not been considered as a contender for the role. George Osborne made the announcement this morning stating that “the net [had been cast] far and wide for this crucial appointment and, having led the Bank of England’s response to the financial crisis, Andrew is simply the most respected, most experienced and most qualified person in the world to do the job”.

Osborne continued; “[Andrew Bailey’s] appointment is an important next step in the establishment of the FCA as a strong regulator, independent of government and industry. The government is determined that the financial sector operates to the highest standards. Anyone who has dealt with Andrew knows he will be tough but fair, and understands the flaws and merits of the sector better than anyone.”

Mr Bailey takes over the City’s regulator-in-chief role from Tracey McDermott, the interim chief who has headed the FCA since founding boss, Martin Wheatley was ousted in July.