After the interim CEO decided not to take up the role permanently, the FCA now has a new boss.

The UK’s financial regulator has a new permanent chief executive after the previous, acting CEO who had been tipped for the role decided not to take it on.

Andrew Bailey, who is deputy governor for prudential regulation at the Bank of England, becomes the new permanent CEO at the Financial Conduct Authority, HM Treasury said in a statement today. 

The changes are taking place after the previous CEO, Martin Wheatley stepped down after the UK government said in July that the regulator needed “different leadership”. His role as an advisor to the FCA’s board is due to come to an end on 31 January. Tracey McDermott, who took over as acting CEO in September, had been tipped for the role. However, in an interview with BBC Radio 4 earlier this month, George Osborne, the UK finance minister, revealed she was not interested.

Bailey is expected to take up the role in July, 2016. 

“He [Bailey] brings unrivalled regulatory experience, a proven track record and an excellent reputation in the UK and internationally.  Having been an FCA Board member since 2013 he has been fully engaged with all the regulatory issues that we have faced in recent years and in setting our strategy for the future,” John Griffith-Jones, chairman of the FCA, said.

The UK government also appointed four new non-executive FCA board members:
-- Bradley Fried;
--  Baroness (Sarah) Hogg;
-- Ruth Kelly; and 
-- Tom Wright. 

These appointments will take effect from 1 April 2016. They replace Sir Brian Pomeroy and Amanda Davidson, who will step down from the board on 31 March, and Mick McAteer who stood down on the 31 December last year.