Andrew Bailey, deputy governor for prudential regulation at the Bank of England and CEO of the PRA, is replacing Tracey McDermott as the CEO of the Financial Conduct Authority (FCA).
Bailey (pictured) has been at the Bank of England for 30 years, and is currently also chief executive of the Prudential Regulation Authority.
He will remain in his current post until his successor has been appointed, with the exact date of his departure to be confirmed in due course. According to the FCA, he is expected to take up the new role in July.
Andrew will continue to fulfil the full functions of his role as deputy governor and PRA CEO, including his international commitments, until his departure from the Bank.
In his new role as CEO of the FCA, Andrew will also be a member of the PRA board and the Financial Policy Committee.
Mark Carney, Bank of England Governor, said: "Andrew is an extraordinary public servant who has devoted his entire professional life to serving the people of the United Kingdom.
"During his career, he has worked across all of the Bank's policy areas, combining leadership and innovation to deliver consistently the Bank's policy objectives.
"I would like to thank Andrew for his counsel and support since I joined the Bank and wish him every success in steering the FCA at this vital time in its history. I admire his commitment to ensuring the UK's financial system serves its real economy and I look forward to continuing to work closely with him in future."
The FCA has been on the lookout for a new chief executive since Martin Wheatley resigned from his role last July.
Since then, Tracey McDermott has been interim CEO of the regulator. However, despite speculations she would take on the role full time, McDermott ruled out this possibility earlier this year.
Bailey has been CEO of the PRA since April 2013, and since then has overseen the introduction of new rules on capital for banks and insurers, new rules on banker remuneration and the introduction of concurrent stress testing for the major UK banks.
While retaining a role as executive director of the Bank, Andrew served at the Financial Services Authority from April 2011, until the body was abolished in 2013 and its responsibilities split between the PRA and FCA.
Bailey said: "Although it had not been my intention to leave the PRA during my term as CEO, a job that I enjoy enormously, it is a great honour to have been asked by the Chancellor to take on the job of FCA CEO. After a lot of thought I have decided to move and do all that I can to make the FCA effective and successful.
"My intention is to move once a successor is found for the PRA, and while I will of course not be involved in that process, it matters greatly to me that it provides for the successful future of the PRA."
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