FCA chief to be new governor of the Bank Of England

FCA chief to be new governor of the Bank Of England

FCA chief to be new governor of the Bank Of England

Andrew Bailey, chief executive Britain’s financial regulator, has been named as the man to take over from Mark Carney who is stepping down as the governor of the Bank Of England in March after six years in control.

For Mr Bailey the move will be a return to an institution he previously served for 30 years. He joined the Bank in 1985 and held the post of Chief Cashier from 2004 to 2011, with his signature on all the banknotes.

Financial crisis

He was Chief Cashier at the time of the financial crisis and later recalled an interview the dramatic visit that John Cummins, treasurer of the Royal Bank Of Scotland, made to his office.

He said: “He came in and I thought he was going to have a heart attack… and he looked at me and said: ‘I need £25 billion today, can you do it?’. I said: ‘Yes, I can do that’.”

Top job

He was deputy governor of the Bank Of England from 2013 to 2016 and headed up the Prudential Regulation Authority (PRA) before he left to take the top job at the Financial Conduct Authority (FCA).

He has a high reputation among colleagues and civil servants with former Permanent Treasury Secretary Lord McPherson describing him as ‘the most able and competent Bank of England official’ he had ever worked with.

Stand-out candidate

Announcing his appointment, Chancellor Sajid Javid said he was ‘delighted’ to confirm the job had gone to ‘the stand-out candidate’.

He added: “When we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory matters.

“In Andrew Bailey that is who we have appointed. Andrew was the stand-out candidate in a competitive field. He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country.”

Tremendous honour

Mr Bailey said: “It is a tremendous honour to be chosen as governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.

“The Bank has a very important job and, as governor, I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does.

It is important to me that the Bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.”

He will be the 131st governor of the Bank Of England and will serve an eight year term at a salary of £495,000.

Replacement

A Treasury spokesman said an interim chief executive would be appointed by the FCA ‘well ahead; of Mr Bailey’s departure until a permanent replacement is chosen.

The FCA made no comment on the changes.

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