This post was originally published on this site
The U.K. has picked Andrew Bailey as its safe choice to succeed Mark Carney as governor of the Bank of England, in what some will consider a controversial appointment.
Bailey currently heads the Financial Conduct Authority (FCA), which oversees London’s financial center. During his tenure, the regulator has been criticized for the mishandling of a number of scandals.
British politicians called for Bailey to resign after London Capital & Finance collapsed. The regulator’s reputation has also come under the spotlight after the investment fund of Neil Woodford was suspended.
The worst misstep was the regulator’s mishandling of the scandal surrounding Royal Bank of Scotland’s Global Restructuring Group, which deliberately mistreated small companies.
Bailey will be the 121st governor in the Bank’s 325-year history and will receive a £495,000 ($646,000) salary. He starts his new job on 16 March and serve an eight-year term until 2028.
Bailey said on Friday: “It is a tremendous honor to be chosen as governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.
“I am committed to the Bank being an accessible and approachable institution, as well as an open and diverse place to work.
Mark Carney said: “I am delighted to welcome Andrew Bailey back to the Bank as its next Governor.
“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank, and most recently as CEO of the FCA.”
