Andrew Bailey

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Andrew Bailey
Andrew bailey.jpg
Occupation Deputy Governor
Employer Bank of England
Location London, England

Andrew Bailey is the head of the Financial Conduct Authority, the City of London's chief markets regulator. He took over that role in July of 2016. [1] The appointment was made by George Osborne, the Chancellor of the Exchequer. Bailey took over the position from Tracey McDermott, the interim chief who headed the FCA since the regulator's founder, Martin Wheatley, was ousted in July of 2015.

In December 2019, the British government appointed Bailey as the next governor of the Bank of England. He will take over the new role in March of 2020.[2]

Bailey was previously the deputy governor of the Bank of England and head of the Prudential Regulation Authority. He ran the PRA ever since the BoE regained control of ensuring banks remained safe or were wound down in an orderly fashion. As head of the FCA, he remains on the PRA board.[3]

Background

Bailey assumed the role of deputy governor for prudential regulation and CEO of the Prudential Regulation Authority on April 1, 2013.

He has served at the Bank of England and in the Financial Conduct Authority’s predecessor in many roles, including executive director for banking services and chief cashier, as well as head of the bank's Special Resolution Unit (SRU). Previous roles included governor's private secretary, and head of the International Economic Analysis Division in monetary analysis.[4]

During his career, he spent several years getting Britain's biggest banks to hold more capital. He also warned authorities in the UK and the US against fining banks excessively.

Education

References

  1. Andrew Bailey Named Surprise Choice to Run Financial Conduct Authority. Telegraph.co.uk.
  2. With Brexit Looming, U.K. Government Picks Veteran as Central Bank Chief. The Wall Street Journal.
  3. Andrew Bailey appointed head of Financial Conduct Authority. The Financial Times.
  4. Andrew Bailey. Financial Conduct Authority.