The Bank of England’s Andrew Bailey is to become the new head of the Financial Conduct Authority.
Bailey will succeed Tracey McDermott, who has been interim chief exeuctive since Martin Wheatley stepped down in September 2015.
Bailey will take up the position once a replacement has been found for him at the PRA, where he is chief executive.
Chancellor George Osborne says: “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.”