The Financial Conduct Authority (FCA) is seeking a new chief executive after Andrew Bailey was announced as the new Governor of the Bank of England. His term of office will last until 2028.

Prior to taking the helm at the FCA, Mr Bailey was chief executive of the Prudential Regulation Authority (PRA). As the PRA is a division of the Bank of England, Mr Bailey combined this role with serving as a Deputy Governor of the Bank. Mr Bailey was the personal choice of then Chancellor George Osborne back in July 2016, so he was appointed to the FCA role even though he did not apply for it. He had worked for the Bank in a variety of roles between 1985 and 2016.

Mr Bailey will succeed Mark Carney as Governor in March 2020, and press reports suggest that the FCA will now have an interim chief executive for most of 2020, which is also when the post-Brexit trade negotiations will take place. Megan Butler, the FCA’s head of supervision; and Chris Woolard, its head of strategy, have been mentioned as possible candidates for the interim role.

Some commentators have questioned whether Mr Bailey deserved to get the Governor job, given criticism over: the FCA’s handling of the collapse of a mini-bond firm, the issues relating to a well-known investment manager and the saga of a major bank’s corporate restructuring unit. These are all very much ‘live’ issues and will feature prominently in the ‘in-tray’ of the new FCA chief.

Chancellor Sajid Javid MP said:

“When we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory matters. In Andrew Bailey, that is who we have appointed.

“Andrew was the stand-out candidate in a competitive field. He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country.”

Mr Bailey added:

“It is a tremendous honour to be chosen as governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.

“The Bank has a very important job and, as Governor, I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does. It is important to me that the Bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.

“I am committed to the Bank being an accessible and approachable institution, as well as an open and diverse place to work.”

 

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