New boss of the FCA revealed

Interim boss Tracey McDermott will pass on the baton in the coming weeks.

Andrew Bailey, deputy governor of prudential regulation at the Bank of England, has been named the new chief executive of the Financial Conduct Authority (FCA).

Bailey, who also heads the Prudential Regulation Authority (PRA), will take over the regulatory watchdog five months after previous chief Martin Wheatley stepped down from the role.

In his new role as CEO of the FCA, Bailey will continue to be a member of PRA Board and Financial Policy Committee.

“During his career, he has worked across all of the Bank’s policy areas, combining leadership and innovation to deliver consistently the Bank’s policy objectives,” said Mark Carney, governor of the Bank of England.

The announcement of his appointment comes weeks after Tracey McDermott, interim CEO for the FCA, ruled herself out of becoming the permanent boss. 

“Recent developments have shown that the most pressing issue in the system right now is the need for stable leadership at the FCA,” added Bailey.

“My intention is to move once a successor is found for the PRA, and while I will of course not be involved in that process, it matters greatly to me that it provides for the successful future of the PRA.”

Currently deputy governor of prudential regulation at the Bank of England, Bailey will continue this role until his successor has been appointed.