The Treasury Committee has published its report ‘Appointment of Andrew Bailey as Chief Executive of the Financial Conduct Authority’ and endorsed his appointment.
Andrew Tyrie MP, chairman of the Treasury Select Committee, 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.”