BAILEY APPOINTED CHIEF EXECUTIVE AT FCA

HM Treasury has appointed Andrew Bailey as the new permanent chief executive of the Financial Conduct Authority (FCA). Bailey is the deputy governor for prudential regulation at the Bank of England and chief executive of the Prudential Regulation Authority (PRA). He will take up his new role once his successor at the PRA has been found. Bailey takes over from interim chief executive, Tracey McDermott, who stepped in to replace Martin Wheatley after he was ousted from the role last year. McDermott was widely expected to take on the chief executive role permanently, but withdrew from the selection process earlier this month. Bailey, who has been chief executive of the PRA since April 2013, had overall responsibility for the prudential regulation and supervision of around 1,700 banks, building societies, credit unions, insurers and major investment firms. He 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. Chancellor of the Exchequer, George Osborne, said Bailey was an “outstanding” candidate.