The Chancellor of the Exchequer has announced that Andrew Bailey, Executive Director, Bank of England and Managing Director, Prudential Business Unit, Financial Services Authority, has been approved by Her Majesty the Queen to become Deputy Governor at the Bank of England responsible for Prudential Regulation and the Chief Executive Officer (CEO) of the Prudential Regulation Authority (PRA).
As Deputy Governor for Prudential Regulation and CEO of the PRA, Bailey will also be a member of the Bank’s Court of Directors, the PRA Board, the Financial Policy Committee, and the Board of the Financial Conduct Authority.
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'.
Bailey said: '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'.