At the same time, he will be appointed Chief Executive of the Bank’s new Prudential Regulation Authority (PRA), which will replace the current system of regulation. The PRA’s brief will be to ensure that financial institutions in the UK, including banks, maintain ‘prudential regulation’ and do not take on excessive risk. He moved from his previous post at the Bank of England, where he was Chief Cashier - and as such his signature adorned our bank notes in circulation - to the Financial Services Authority, in 2011, where he was responsible for transferring the then FSA’s supervisory powers to the Bank.
George Osborne, the Chancellor of the Exchequer, commenting on his appointment said: “Andrew Bailey the right skills and experience to lead the Prudential Regulation Authority as it moves into the new era of judgement judgement-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.”
The current Governor of the Bank, Sir Mervyn King added: “We have a big job ahead to ensure the UK has a stable financial system...able to support activity in the economy and the needs of the public. There have been important and painful lessons from the financial crisis and we must ensure the UK has a successful system of financial regulation.”
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339
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