The chancellor of the exchequer has today announced that Andrew Bailey, executive director, Bank of England and managing director, prudential business unit, Financial Services Authority, has been approved to become deputy governor at the Bank of England responsible for prudential regulation and the chief executive officer of the Prudential Regulation Authority (PRA).
The Governor of the Bank of England, Mervyn King, said: “I am delighted that Andrew Bailey is to be the new deputy governor with responsibility for the Prudential Regulation Authority. I have worked closely with Andrew over the past ten years, and I know he is the right person to lead the PRA in the years ahead.”
Andrew Bailey added: “I am very honoured to have been chosen for this role and excited to see the PRA taking shape.
“We have a big job ahead to ensure the UK has a stable financial system made up of banks, insurers and investment firms able to support activity in the economy and the needs of the public. There have been important and painful lessons from the financial crisis and we must ensure that the UK has a successful system of financial regulation now and for the future.”
Printed Copy:
Would you also like to receive CIR Magazine in print?
Data Use:
We will also send you our free daily email newsletters and other relevant communications, which you can opt out of at any time. Thank you.
YOU MIGHT ALSO LIKE