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Bailey to head Financial Conduct Authority

Andrew Bailey Boe picA Bank of England executive and head of the banking supervisory division is switching regulator to run the Financial Conduct Authority.

Andrew Bailey, currently chief executive of the Prudential Regulation Authority,  will take the same role at the FCA.

Mr Bailey, who is also a deputy governor at the Bank of England, will succeed Tracey McDermott, who has been interim chief executive of the FCA since the hardliner Martin Wheatley stepped down in September.

Mr Bailey will take up the position once a replacement has been found for him at the PRA,

Chancellor George Osborne said: “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.”

Chris Cummings, Chief Executive, TheCityUK said: “We are fortunate to have Andrew Bailey in this pivotal role for the City and look forward to working with him to continue to boost the UK’s attractiveness as the world’s leading financial and related professional services centre.

“Financial Services is the UK’s largest tax paying industry, attracting more Foreign Direct Investment than any other sector and employing over 2.2 million people right across the country. We hope to see a supervisory approach that is collaborative with the industry and supports continued economic growth alongside the important job of protecting consumers.

“Andrew is the right person in the right job. He has a practical approach and is clear sighted when it comes to bolstering the UK as a place from which and in which to do business.”

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