HM Treasury has appointed Andrew Bailey as the new CEO of the Financial Conduct Authority (FCA).
Bailey is currently deputy governor for prudential regulation at the Bank of England and CEO of the Prudential Regulation Authority (PRA). He will take up his new role once a suitable successor is found at the PRA, expected to be around July.
Serving a five-year term, Bailey will replace Tracey McDermott, who has been interim CEO since Martin Wheatley stepped down from the role in September 2015.
John Griffith-Jones, chair of the FCA said: “I am delighted that Andrew Bailey 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.”
He added: “I would also like to thank Tracey McDermott for the excellent job she has been doing as the Acting CEO and for agreeing to remain in post until Andrew starts.”
Chancellor George Osborne commented: “We have cast the net far and wide for this crucial appointment and, having led the Bank of England’s response to the financial crisis, Andrew Bailey is simply the most respected, most experienced and most qualified person in the world to do the job.”
“His appointment is an important next step in the establishment of the FCA as a strong regulator, independent of government and industry.”
He added: “I am confident that he will ensure that our financial services industry is the best regulated in the world.”
The treasury has also appointed four new members to the FCA board as non-executive directors, effective from 1 April.
Bradley Fried is CEO of Kirsh Group and deputy chairman of the Court of Directors of the Bank of England. He also chairs the bank’s audit and risk committee.
Baroness Sarah Hogg is chair of the audit committee at the John Lewis Partnership and the lead independent director of HM Treasury.
Also joining the board is ex-member of parliament and minister Ruth Kelly, who is now pro vice-chancellor at St Mary’s university and a governor for the National Institute of Economic and Social Research. She has previously served as global head of client strategy in HSBC Global Asset Management.
Tom Wright will also join the board in April. He is group CEO of Age UK, and has also served as co-chair of the Financial Services Commission.
The new appointments replace Sir Brian Pomeroy and Amanda Davidson, who will both step down from the board on 31 March, and Mick McAteer, who stood down on 31 December 2015.
Griffith-Jones commented: “These are really significant appointments, which further strengthen the broad experience of the board. I would also like to thank Sir Brian Pomeroy, Amanda Davidson and Mick McAteer for the invaluable contribution they have given to the FCA over recent years.”
