Andrew Bailey, deputy governor for prudential regulation at the Bank of England and CEO of the Prudential Regulation Authority, is replacing Tracey McDermott as the new chief executive of the Financial Conduct Authority (FCA).
Bailey, who has been at the Bank of England for 30 years, 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.
He 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 of the PRA board and the Financial Policy Committee.The FCA said he will take over the role in July 2016.
FCA chairman John Griffith-Jones said: "I am delighted that Andrew has been appointed as the new chief executive.
"He brings unrivalled regulatory experience, a proven track record and an excellent reputation in the UK and internationally. Having been an FCA board member since 2013 he has been fully engaged with all the regulatory issues that we have faced in recent years and in setting our strategy for the future."
He added: "I would also like to thank Tracey McDermott for the excellent job she has been doing as the acting CEO and for agreeing to remain in post until Andrew starts."
Bank of England governor Mark Carney said: "Andrew is an extraordinary public servant who has devoted his entire professional life to serving the people of the United Kingdom.
"During his career, he has worked across all of the Bank's policy areas, combining leadership and innovation to deliver consistently the Bank's policy objectives.
"I would like to thank Andrew for his counsel and support since I joined the Bank and wish him every success in steering the FCA at this vital time in its history.
"I admire his commitment to ensuring the UK's financial system serves its real economy and I look forward to continuing to work closely with him in future."
Board members
HM Treasury also appointed four new non-executive FCA board members.
They are:
• Bradley Fried
• Baroness (Sarah) Hogg
• Ruth Kelly
• Tom Wright
These appointments will take effect from 1 April 2016. They replace Sir Brian Pomeroy and Amanda Davidson will step down from the board on 31 March, and Mick McAteer who stood down on the 31 December last year.
Griffith-Jones said: "These are really significant appointments, which further strengthen the broad experience of the board.
"I would also like to thank Sir Brian, Amanda and Mick for the invaluable contribution they have given to the FCA over recent years."
Insurer comment
Phil Brown, head of policy at LV= said: "The outcome of the Financial Advice Market Review and pensions tax relief reforms could significantly alter the financial advice and pensions landscapes, so it's good to have the new Chief Executive of the FCA confirmed as we approach this period of regulatory change.
"We hope Andrew will be successful in his new role and take advantage of this opportunity to increase innovation and choice across these markets."
Further reading
Tracey McDermott: FCA considering return of commission
Tracey McDermott rules herself out of FCA leadership race
