Chief executive officer of the Financial Conduct Authority, Andrew Bailey, has been appointed as the new governor of the Bank of England by the Chancellor of the Exchequer, Sajid Javid. Bailey will replace Mark Carney on 16th March 2020, for an eight-year term.

The Chancellor commented: “When we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory matters.

“In Andrew Bailey that is who we have appointed,” he added. “Andrew was the stand-out candidate in a competitive field. He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country.”

Carney said: “I am delighted to welcome Andrew Bailey back to the Bank as its next Governor.

“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank, and most recently as chief executive officer of the FCA,” he added.

Bailey said: “It is a tremendous honour to be chosen as Governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the EU.

“The Bank has a very important job and, as Governor, I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does,” he added.

Director General at the Association of British Insurers, Huw Evans commented on Bailey’s appointment. He said: “This is an excellent appointment which the insurance and long-term savings sector will wholeheartedly support.

“Andrew is an outstanding public servant with a rich understanding of the regulatory challenges that need to be resolved if we are to play our fullest part in supporting economic and social needs.”

HM Treasury said that an interim chief executive of the FCA will be appointed well ahead of Bailey’s departure and that it will run the process for the recruitment of his permanent successor.

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