Andrew Bailey has been appointed as the new permanent chief executive of the Financial Conduct Authority (FCA).

Bailey (pictured) is currently the deputy governor for prudential regulation at the Bank of England and CEO of the Prudential Regulation Authority (PRA). He is expected to take up the role in July 2016.

John Griffith-Jones, chairman of the FCA commented: “I am delighted that Andrew has been appointed as the new chief executive. He brings unrivalled regulatory experience, a proven track record and an excellent reputation in the UK and internationally.

“Having been an FCA Board member since 2013 he has been fully engaged with all the regulatory issues that we have faced in recent years and in setting our strategy for the future.”

“I look forward to working with Andrew. He has done a great job at the PRA and he will build on the work the FCA has done over the last three years as a strong, independent regulator.

“I would also like to thank Tracey McDermott for the excellent job she has been doing as the Acting CEO and for agreeing to remain in post until Andrew starts.”

Phil Brown, head of policy at LV= said: “The outcome of the Financial Advice Market Review and pensions tax relief reforms could significantly alter the financial advice and pensions landscapes, so it’s good to have the new chief executive of the FCA confirmed as we approach this period of regulatory change.

“We hope Andrew will be successful in his new role and take advantage of this opportunity to increase innovation and choice across these markets.”

The Treasury has also appointed four new non-executive FCA board members. They are: Bradley Fried; Baroness (Sarah) Hogg; Ruth Kelly and Tom Wright.

These appointments will take effect from 1 April 2016. They replace Sir Brian Pomeroy and Amanda Davidson will step down from the board on 31 March 2016, and Mick McAteer who stood down on the 31 December 2015.