20 December, 2019 | AtoZ Markets – The next Bank of England (BoE) Governor has been revealed. Andrew Bailey, the current chief executive officer (CEO) of the Financial Conduct Authority (FCA), will take Mark Carney’s place.
FCA UK CEO Andrew Bailey is Set to Take over
Mr. Bailey (60) is the chief executive officer of the Financial Conduct Authority (FCA), which regulates the financial services industry in the country. Before joining the FCA in 2016, Mr. Bailey was the managing director of the Prudential Regulatory Authority, which is part of the UK central bank.
Mr. Bailey joined the Bank of England in 1985. And he has also worked in several fields, including as executive director of banking services. Furthermore, Bailey will take over from Mark Carney on 16 March, thereby becoming the 121st Governor of the Bank. He will serve a full eight-year term.
Javid said at a press conference on Friday said:
“When we launched this process, we were looking for a world-class leader with expertise in monetary, economic and regulatory matters. We appointed Andrew Bailey.”
Carney Will Stay in the Post until March 15
However, Javid confirmed that Mr. Carney agreed to remain in office until 15 March to ensure an orderly transition. He thanked Mr. Carney for his work and his contribution to the economy of the United Kingdom. He told:
“The intelligence and leadership he brought to this position at a critical time was an important contribution to the recovery and growth of the British economy.”
The pound sterling has been down more than 14% against the dollar since Mr. Carney took office on 1 July 2013. However, Phil Smeaton, chief investment officer for Sanlam UK, said in a note on Friday:
“Mark Carney has seen one of the most tumultuous periods in UK political and economic history.”
The appointment of Bailey is not a big surprise for the market. He was the favourite to replace Mark Carney, as reported by many media. However, Minouche Shafik, a former deputy governor, would get the job. Moreover, Bailey will receive £ 495,000 ($ 645,000) a year and benefits have yet to be released.
Think we missed something? Let us know in the comments section below.