HM Treasury has appointed Andrew Bailey as the new permanent chief executive of the Financial Conduct Authority (FCA).
Bailey, who is currently the deputy governor for prudential regulation at the Bank of England and chief executive of the Prudential Regulation Authority, is expected to take up the role in July 2016.
John Griffith-Jones, FCA chairman, said: “I am delighted that Andrew has been appointed as the new chief executive.
"He 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.”
“I look forward to working with Andrew. He has done a great job at the PRA and he will build on the work the FCA has done over the last three years as a strong, independent regulator.”
“I would also like to thank Tracey McDermott for the excellent job she has been doing as the acting CEO and for agreeing to remain in post until Andrew starts.”
The FCA's former CEO Martin Wheatley, who took a tough approach to overseeing bankers, was ousted by Chancellor George Osborne last year, raising concerns among lawmakers about the fledgling FCA's independence.
The FCA has come under intense political pressure since McDermott ditched a review into culture at banks late last year, raising concerns among lawmakers that the watchdog had given in to government pressure to go softer on banks.