Bank of England’s Andrew Bailey named new FCA chief exec

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The Bank of England’s Andrew Bailey is to become the new head of the FCA.

Bailey will succeed Tracey McDermott, who has been interim chief exeuctive since Martin Wheatley stepped down in September.

Bailey will take up the position once a replacement has been found for him at the Prudential Regulation Authority, where he is chief executive. He has been handed a five-year term for the job.

Chancellor George Osborne says: “Andrew Bailey is the outstanding candidate to be the next chief executive of the FCA, and I am delighted that he has agreed to lead it.

“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 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.”

FCA chairman John Griffith-Jones says 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.”

The hunt for the new FCA chief executive has seen a number of front-runners named. Current interim chief executive McDermott ruled herself out of the race at the start of the year, saying it was not the right move for her.

Other names that had been in the running were Australian Securities and Investments Commission chairman Greg Medcraft and Swiss Financial Markets and Supervision Authority chief executive Mark Branson.

Treasury director general of financial services Charles Roxburgh has also been linked with the role, while former Ofcom chief executive Ed Richards was ruled out of the running yesterday.