FCA head Andrew Bailey named as Bank of England governor

Andrew Bailey has been announced as the new governor of the Bank of England by Chancellor Sajid Javid.

Bailey has been appointed for an eight-year term and will receive a yearly salary of £495,000.

He will succeed current governor Mark Carney on 16 March 2020.

Bailey has served as chief executive officer of the Financial Conduct Authority (FCA) since July 2016.

A statement from HM Treasury stated that an interim CEO will be appointed “well ahead” of Bailey’s departure from the regulator.

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