FCA head Andrew Bailey named Bank of England governor

Andrew Bailey, currently head of the Financial Conduct Authority (FCA) has been appointed to succeed Mark Carney as the new governor of the Bank of England

Central banker Bailey will take over the role from Carney, who has served since 2013, in March of next year.

Chancellor Sajid Javid said: ‘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.

‘I also want to take this opportunity to thank Mark Carney for his service as Governor. The intellect, rigour and leadership he brought to the role during a critical time was a significant contribution to the UK economy moving to recovery and growth.’

Accepting the role, Bailey said: ‘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.

‘I am committed to the Bank being an accessible and approachable institution, as well as an open and diverse place to work.

In order to provide for a smooth transition, the current Governor and the Chancellor have agreed a short extension so Carney will now complete his term on 15 March 2020.

Carney said: ‘Andrew is widely respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve UK households and businesses.

‘Over the years, I benefited greatly from his support and wise counsel. I wish Andrew and the Bank continued success in their work to serve the people of the United Kingdom by maintaining monetary and financial stability.’

Bailey will be the 121st Governor in the Bank’s 325th year history and the ninth to be appointed since the Bank’s nationalisation in 1946. He will serve an eight-year term and will receive a salary of £495,000.

Bailey, who has led the FCA since July 2016, previously held the role of deputy governor of the Bank of England for prudential regulation and CEO of the Prudential Regulation Authority. He has been a member of the Bank’s financial policy committee since 2012. He joined the Financial Services Authority (FSA) in April 2011 as deputy head of the prudential business unit and director of UK banks and building societies.

Before joining The Bank of England in 1985, he was a research officer at the London School of Economics. He went to Queens’ College Cambridge where studied a BA in history and a PhD.

He led much of the Bank’s work on bank resolution and supervision following the crisis of 2007-9 and has extensive international experience through his work with the Financial Stability Board, and the International Organisation of Securities Commissions.

An interim chief executive of the FCA will be appointed ahead of Bailey’s departure to manage the organisation until a permanent successor is chosen by the Treasury.

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