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Andrew Bailey begins reign as FCA chief

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Former Prudential Regulation Authority head Andrew Bailey begins his new role as Financial Conduct Authority chief executive today.

Bailey succeeds Tracey McDermott, who was been interim chief executive since Martin Wheatley exited in September 2015.

The PRA’s most recent annual report shows Bailey was paid a total of £350,000 in 2015/16, this rises to £460,000 at the FCA.

He has asked to defer any bonus at the FCA, mirroring City pay rules.

Speaking to the FT, Shearman & Sterling regulatory partner Barney Reynolds says: “It’s a great moment to have someone with international stature take over at the helm.

“The FCA’s role going forward will change quite considerably, and it’s important to get the relationship with Europe right.”

One retail banker says: “I really think everything else will be put on the backburner, apart from ensuring market stability.

“What Mr Bailey will be doing though is going back and kicking the tyres on areas of concern even before last week — such as buy-to-let lending, and unsecured credit.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 1st July 2016 at 2:28 pm

    “Reign”? That makes it sound like he’s going to be the lord of some fiefdom. Hopefully, he’ll remember that he’s a public servant.

  2. Why is a public servant being paid so much, and I see he has only defeated the bonus, so he will get it at some time. Let’s hope he adopts TAF not just TCF, TAF is treating advisers fairly. Freedom of pensions NEEDs advice not just guidance, enalbling HMRC to help clients loot their own pension funds for HMRC benefit.

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