UK Treasury appoints Andrew Bailey as BOE deputy governor

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Andrew Bailey named as a Deputy Governor of the Bank of England and CEO of the bank’s new Prudential Regulation Authority from April 1.

Bailey former Chief Cashier at the bank, is already head of Prudential Supervision at the UK’s Financial Services Authority, the UK watchdog that will be scrapped at the end of March. The FSA banking supervision role will be transferred to the new Bank of England off-shoot.

“Andrew Bailey has the right skills and experience to lead the Prudential Regulation Authority as it moves into the new era of judgement-led supervision,” says UK Chancellor George Osborne.

“Putting the Bank of England in charge of prudential regulation is at the heart of the Government’s reforms to regulation of financial services”

We can only hope it’s an improvement