The Financial Conduct Authority has named their new leader after months of struggling to find a suitable candidate for the role, which was left empty several months ago.
The new FCA boss is Andrew Bailey, a former senior figure at the Bank of England. He was previously the chief cashier of the Bank of England, which means that his signature appeared on the banknotes. His role as the head of the FCA will last for 5 years. The FCA (UK’s leading financial consumer protection body), was previously headed by Martin Wheatley, who left the organisation last September. He was succeeded by Tracey McDermott, but she denied any desire to take his role permanently at the start of the year, purely working the position on an interim basis.
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What can we expect from Mr Bailey?
Mr Wheatley was hired as the head of the FCA due to a reputation for being a tough financial regulator. So, what will change now he’s gone? After his departure, immediate changes occurred in financial legislation; including a time limit on payment protection insurance (PPI) compensation claims being set, as well as a lighter approach being given to the regulation of the city. Despite the changes, it still seems like the FCA is going to have a trustworthy leader. According to Chancellor George Osborne, “Anyone who has dealt with Andrew knows he will be tough but fair, and understands the flaws and merits of the economy sector better than anyone.”