BoE's Andrew Bailey appointed new FCA chief

To replace McDermott

Andrew Bailey, deputy governor for prudential regulation at the Bank of England and CEO of the PRA, is replacing Tracey McDermott as the new CEO of the Financial Conduct Authority (FCA).

Bailey (pictured) has been at the Bank of England for 30 years, and is currently also chief executive of the Prudential Regulation Authority. He will remain in his current post until his successor has been appointed, with the exact date of his departure to be confirmed in due course. According to the FCA, he is expected to take up the new role in July. Andrew will continue to fulfil the full functions of his role as deputy governor and PRA CEO, including his international commitments, until his departure from the Bank. In his new role as CEO of the FCA, Andrew will also be a member...