Osborne brings in Bailey to lead FCA - FREE

Osborne brings in Bailey to lead FCA - FREE

Andrew Bailey PRAThe UK's Chancellor of the Exchequer George Osborne has appointed Andrew Bailey to lead the Financial Conduct Authority (FCA).

Bailey will temporarily stay on at fellow regulator the Prudential Regulation Authority (PRA), where he has been CEO and a deputy governor on the Bank of England’s overarching board, until replacements are found.

In a tweet this morning, Osborne announced Bailey’s appointment as “a key next step in establishing as strong regulator, independent of gov’t and industry, protecting consumers”.

In his new job at the supervisor, Bailey will also be a member of the PRA board and the Bank of England’s Financial Policy Committee.

Bailey takes the reins from Tracey McDermott, who has been acting CEO of the FCA since July 2015, replacing Martin Wheatley in the role.

Osborne tweeted: “Delighted to announce Andrew Bailey will lead . He was the most respected and qualified candidate for this crucial job.”

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