PRA confirms Bailey as boss

The Treasury has appointed FSA head of prudential supervision Andrew Bailey as Prudential Regulation Authority (PRA) chief executive and Bank of England deputy governor.

Bailey will take up his new roles from 1 April.

Chancellor of the Exchequer George Osborne said: “Andrew Bailey has the right skills and experience to lead the PRA, as it moves into the new era of judgment-led supervision.

“Putting the Bank of England in charge of prudential regulation is at the heart of the government’s reforms to regulation of financial services. It will be a tough, forward-looking regulator, focused on the stability of banks, other deposit takers and insurers – and with a mandate to protect policyholders.”