Financial Conduct Authority chief to be next Bank of England governor

Section:

By Russell Lynch and Lizzy Burden
The Telegraph, London
Thursday, December 19, 2019

Andrew Bailey, head of the City watchdog, is set to become the first Bank of England governor of the Brexit era, stepping into one of the most testing periods for the UK's central bank.

The Financial Conduct Authority chief executive was tonight braced to succeed Mark Carney when the Canadian steps down on Jan. 31, the day the United Kingdom is due to leave the European Union. The appointment will be announced by Sajid Javid, the chancellor, Friday.

... Dispatch continues below ...



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Mr. Bailey, 60, a former deputy governor, has spent most of his career at the Bank of England but has led the FCA since 2016. His appointment was welcomed but is in danger of being overshadowed by a trading scandal that throws a fresh spotlight on the bank's credibility.

A furore over hedge funds that paid for privileged access to an audio feed of the bank’s press conferences, without the bank's knowledge through a contractor, has raised immediate concerns over its policing of financial markets. ...

... For the remainder of the report:

https://www.telegraph.co.uk/business/2019/12/19/andrew-bailey-emerges-fa...

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