The Treasury has announced that Andrew Bailey is to be appointed to the interim Financial Policy Committee (FPC), replacing FSA chief executive Hector Sants, who stands down in June.
Bailey, who takes up the position of head of the Prudential Business Unit when Sants leaves, will be a voting member of the interim FPC.
His appointment will be on an interim basis until a chief executive of the Prudential Regulation Authority and deputy governor of the Bank of England for Prudential Regulation has been appointed and taken up their position.
Bailey remains an executive director at the Bank of England, where he has worked for over 25 years. Previously, he has worked at the bank in a number of areas, most recently as executive director for banking services and chief cashier, as well as head of the Bank’s Special Resolution Unit (SRU).
Hurrah! We can probably assume that Mr Bailey has a wealth of experience with BoE and certainly a different animal to Hector.