COMMONS

Treasury Committee to hold appointment hearing with Andrew Bailey

20 February 2013

The Treasury Committee today announced it will be holding an appointment hearing with Andrew Bailey in March, before he takes up his new role as a Deputy Governor of the Bank of England and CEO of the Prudential Regulation Authority (PRA).

Mr Andrew Tyrie MP's comments

 

Andrew Bailey already has experience as Managing Director of the Prudential Business Unit at the Financial Services Authority (FSA) and as a member of the Bank of England’s interim Financial Policy Committee. That experience will help in his new role.

 

It is Mr Bailey’s job to manage the transfer of banking and insurance supervision from the FSA to the Bank. His leadership will be instrumental in shaping a much-needed cultural change at the regulator, moving away from the failed box-ticking exercises of the FSA towards more judgement-led regulation.

 

The size of the task facing Mr Bailey should not be underestimated.

 

The Treasury Committee will examine how he intends to go about it in detail. We will be holding an appointment hearing with Mr Bailey next month

Image: PA

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