Chancellor gives Parliament power to appoint or dismiss FCA chief exec
Appointments and renewals to be for five year terms.
The Chancellor has written to Rt Hon. Andrew Tyrie MP, chairman of the Treasury Committee, to give the House of Commons the power, on the recommendation of the Treasury Committee, to decide whether a candidate for chief executive of the Financial Conduct Authority (FCA) should be appointed.
The appointment will be made on a renewable, five-year term set out in statute.
Andrew Bailey, who was appointed as the new CEO of the FCA in January this year, was given a five-year contract.
Independent
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