Financial Conduct Authority Chief Executive Appointed

Image

Andrew Bailey will become Chief Executive of the Financial Conduct Authority (FCA), succeeding Tracey McDermott, who has acted as interim CEO since Martin Wheatley stepped down from the post in September 2015. Mr Bailey is being appointed for a five-year term, and will take up his new role once his successor at the Prudential Regulation Authority (PRA) has been found.

The Chancellor of the Exchequer, the Rt Hon George Osborne MP, commented:

“Andrew Bailey is the outstanding candidate to be the next Chief Executive of the Financial Conduct Authority, and I am delighted that he has agreed to lead it.

“We have cast the net far and wide for this crucial appointment and, having led the Bank of England’s response to the financial crisis, Andrew is simply the most respected, most experienced and most qualified person in the world to do the job.

“His appointment is an important next step in the establishment of the FCA as a strong regulator, independent of government and industry.

“The government is determined that the financial sector operates to the highest standards. Anyone who has dealt with Andrew knows he will be tough but fair, and understands the flaws and merits of the sector better than anyone.

“Simply, I am confident that he will ensure that our financial services industry is the best regulated in the world.

“He has already done a superb job at the Prudential Regulation Authority; where he has shown how effective he is as a leader, able to build strong relationships and use his fine judgment to steer the PRA through its formative years.

“I would also like to thank Tracey McDermott for the excellent job she has done in leading the FCA in this interim period. Her experience, dedication and professionalism have been greatly appreciated.”
Chairman of the Financial Conduct Authority, John Griffiths-Jones added:

“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.

“I look forward to working with Andrew. He has done a great job at the PRA and he will build on the work the FCA has done over the last three years as a strong, independent regulator.

“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.”

The government has also announced the appointments of Ruth Kelly, Bradley Fried, Baroness Hogg, and Tom Wright as Non-Executive Directors of the FCA today.

Share this page:

In this section

Traditional Broker/Dealers Adding Direct Platforms

New research from global analytics firm Cerulli Associates finds that traditional broker/dealers are considering a direct model.

READ MORE →

British Accountants to Develop Expertise in Africa and Asia

Teams of British accountants will help transform accounting standards and develop professional accountancy institutes in Africa and Asia, International Development Secretary Justine Greening has announced.

READ MORE →

Carter Backer Winter Launches New Corporate Finance Team

Mid-tier accountancy firm Carter Backer Winter LLP has appointed Odhran Dodd, formerly a Partner at UHY Hacker Young LLP to head its new Corporate Finance department.

READ MORE →

Capgemini to Deliver Finance and Accounting Services to NBCUI

Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services, has announced that Capgemini America Inc., its North American subsidiary, has been selected by NBCUniversal International (NBCUI), the international arm of one of the world's leading media and entertainment companies, to deliver business process outsourcing (BPO) services to help standardise and optimise its finance and accounting operations.

READ MORE →

Unqualified Accountants a Risk for UK Small Business Growth

UK small businesses could be inadvertently damaging their growth prospects by paying accountants who aren't even qualified, warns the Association of Chartered Certified Accountants (ACCA).

READ MORE →

Whitehall "Lacking Finance Skills"

The world's largest accountancy body, ACCA (the Association of Chartered Certified Accountants) has warned that urgent up-skilling in financial management across Whitehall was needed if the civil service was going to make long-term savings and improved service delivery.

READ MORE →