ICAEW gives thumb up to Bailey as FCA chief

ICAEW has backed the appointment of Andrew Bailey as the newly anointed head of City watchdog, the Financial Conduct Authority.

Michael Izza, ICAEW chief executive, said: “The Financial Conduct Authority badly needs both stability and strong leadership, which Andrew Bailey can certainly give. He is well respected for the superb job he has done at the Bank of England and as CEO of the PRA – which he leaves in excellent shape.

“The challenge in front of him should not be underestimated. The FCA does not just need to be a strong regulator, it also needs the support of the industry if it is to continue make the changes needed to restore trust in financial services. I have every confidence Andrew is the right man for the job.”

Bailey, who has carved out a senior career at the Bank of England since joining the venerable organisation in 1985, has been appointed for five years and will formally start his new role when a successor has been found for his role as head of the Prudential Regulation Authority (PRA).

He takes over from Martin Wheatley, who departed in September. Tracey McDermott has been caretaker boss since Wheatley’s exit.