Andrew Bailey, Deputy Governor, Prudential Regulation at the Bank of England and Chief Executive of the PRA has been appointed as the new CEO of the FCA and will leave the Bank after 30 years of service.
Andrew Bailey will remain in post until his successor has been appointed, with the exact date of his departure to be confirmed in due course. Andrew will continue to fulfil the full functions of his role as Deputy Governor and Prudential Regulation Authority (PRA) CEO, including his international commitments, until his departure from the Bank.
In his new role as CEO of the Financial Conduct Authority (FCA), Andrew will be a member of the PRA Board and the Financial Policy Committee as Tracey McDermott is and Martin Wheatley was.
“The new system of financial regulation in the UK depends for its success on both conduct (FCA) and prudential (PRA) regulators achieving their objectives given by Parliament. Recent developments have shown that the most pressing issue in the system right now is the need for stable leadership at the FCA. Although it had not been my intention to leave the PRA during my term as CEO, a job that I enjoy enormously, it is a great honour to have been asked by the Chancellor to take on the job of FCA CEO. After a lot of thought I have decided to move and do all that I can to make the FCA effective and successful. 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.” Andrew Bailey said.
As CEO of the Prudential Regulation Authority since April 2013, Andrew has had overall responsibility for the prudential regulation and supervision of around 1,700 banks, building societies, credit unions, insurers and major investment firms. Andrew has also overseen the introduction of new rules on capital for banks and insurers, new rules on banker remuneration and the introduction of concurrent stress testing for the major UK banks.
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