New Bank deputy governor will be in charge of industry watchdog
Andrew Bailey has been formally appointed as deputy governor of the Bank of England in a role that will also see him head up Britain's new banking watchdog.
In his dual position as chief executive of the incoming Prudential Regulation Authority (PRA), he will take on responsibility for oversight of banks, building societies, credit unions, insurers and investment firms.
Mr Bailey takes up the post on April 1 and will be one of three deputy governors.
Chancellor George Osborne said: "Andrew Bailey has the right skills and experience to lead the Prudential Regulation Authority as it moves into the new era of judgment-led supervision.
"Putting the Bank of England in charge of prudential regulation is at the heart of the Government's reforms to regulation of financial services. It will be a tough, forward-looking regulator, focused on the stability of banks, other deposit takers and insurers – and with a mandate to protect policyholders."
Mr Bailey has worked in a number of areas at the Bank, most recently as executive director for banking services and chief cashier, as well as head of its special resolution unit, which helped steer HBOS and RBS through their mammoth bailouts at the height of the financial crisis.
Bank governor Sir Mervyn King said: "I have worked closely with Andrew over the past 10 years and I know he is the right person to lead the PRA."