The Financial Conduct Authority (FCA) has appointed Andrew Bailey as chief executive officer (CEO), succeeding Martin Wheatley, according to a government statement.
Wheatley left the UK financial regulator in September 2015, after his five-year contract was not renewed by Chancellor of the Exchequer George Osbourne amid conflicts about his tough approach to the industry.
Bailey joins the FCA from the Bank of England’s Prudential Regulation Authority (PRA), where he worked for 30 years, most recently as deputy governor of the bank and CEO of the PRA. During his tenure, he led the bank’s response to the financial crisis.
Bailey’s hire comes before his term at the bank ends in April 2018, and he is expected to take up his new role in July 2016, once someone has been hired to succeed him at the PRA, according to the statement.
Bailey is being appointed for a five-year term, during which Osbourne said Bailey will be “tough but fair” in financial dealings, according to the statement.
Since Wheatley’s departure, Tracey McDermott has acted as the FCA’s interim CEO, but decided that she did not want to take over the role permanently in December. She will remain in the post until Bailey begins, the government stated.
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