Bailey appointment at FCA approved by MPs

Bailey appointment at FCA approved by MPs

The Treasury Select Committee has approved the appointment of Andrew Bailey as chief executive of the Financial Conduct Authority.

The committee said leading the FCA would be a “tough job” but it was satisfied Mr Bailey would be able to provide the right kind of leadership.

It approved Mr Bailey’s appointment after he appeared before the committee yesterday to give evidence on his role.

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Andrew Tyrie, chairman of the TSC, said: “The FCA has been in difficulties since its creation, and on many fronts.

“It has a tough job, and requires high quality leadership. The committee is satisfied that Andrew Bailey has demonstrated the professional competence and personal independence to provide this leadership.

“Mr Bailey did a good job of creating the PRA out of the ashes of the FSA, whose shortcomings were so heavily exposed by the financial crisis of 2008.

“He has extensive experience of implementing the reforms – designed in line with the recommendations of the Vickers and Parliamentary Banking Commissions - necessary to protect millions of UK financial services’ consumers and businesses.

“The committee wishes him every success in his role.”

During his evidence yesterday Mr Bailey said tackling retirement savings is his top priority.

He said the landscape was “pretty complicated” and “somewhat legacy”, adding that there is a need to make long-term savings and pensions clearer and more transparent.

Mr Bailey was appointed after Martin Wheatley stood down last year when former chancellor George Osborne told him his contract would not be renewed when it expired.

Before joining the FCA this month he had been chief executive of the Prudential Regulation Authority since 2013.