Deputy governor of the Bank of England Andrew Bailey is to become the new head of the Financial Conduct Authority.
The Treasury has confirmed that Bailey will take over from Tracey McDermott, who has been interim chief exeuctive since Martin Wheatley stepped down in September 2015.
Bailey will take up the position once a replacement has been found to fill the role of chief executive he currently holds at the PRA. He succeeds Martin Wheatley, who left the role last summer after his contract was not renewed.
The regulator has also appointed four new non-executive directors of the FCA Board – Bradley Fried, Ruth Kelly, Baroness Sarah Hogg and Tom Wright. These appointments will take effect from 1 April 2016. They replace Sir Brian Pomeroy and Amanda Davidson will step down from the Board on 31 March 2016, and Mick McAteer who stood down on the 31 December 2015.
Chancellor George Osborne says: “Andrew Bailey is the outstanding candidate to be the next Chief Executive of the Financial Conduct Authority, 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: “I am delighted that Andrew 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.
“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.
“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.”