The Treasury has appointed Christopher Woolard as interim chief executive.

Woolard will take on the chief executive role following Andrew Bailey’s departure to become governor of the Bank of England.

Woolard is currently the FCA’s executive director of strategy and competition and an executive member of the FCA’s board.

As executive director of strategy and competition, Woolard is responsible for the FCA’s policy output, its work on innovation, competition and economics and for helping direct the strategy for the financial regulator.

Woolard joined the Financial Services Authority in 2013, to help lead the creation of the FCA. Before that, he worked at Ofcom (2009-2012), the BBC (2005-2009) and in the civil service (1995-2005).

Charles Randell, the FCA’s chair, said: “I’m looking forward to working with Chris in his interim chief executive role.  I’m confident that he and executive committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey.”

Woolard, added: “I’m delighted that I’ve been asked to take on this role. We have a huge job to do and I’m looking forward to working with the board and colleagues across the FCA as we continue to deliver the FCA’s mission.”