HM Treasury has today announced the appointment of Andrew Bailey as the new chief executive of the Financial Conduct Authority.

The appointment comes after former chief Martin Wheatley stepped down from his position on 12 September 2015. Tracey McDermott has since been taking on the role of acting chief executive.

Bailey is currently the deputy governor for Prudential Regulation at the Bank of England and chief executive officer of the Prudential Regulation Authority. He is expected to take up the role in July 2016.

Commenting on the announcement, FCA chairman John Griffith-Jones said: “He [Bailey] 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.”

HM Treasury has today also appointed four new non-executive FCA board members.

Bradley Fried, Baroness Sarah Hogg, Ruth Kelly and Tom Wright will all join the board with effect from 1 April 2016. They will replace Sir Brian Pomeroy and Amanda Davidson, who will step down from the board of 31 March 2016, and McAteer who stood down on the 31 December 2015.

“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,” Griffith-Jones added.

Share Story: