The Treasury Committee of the House of Commons has approved the appointment of Andrew Bailey as chief executive of the Financial Conduct Authority (FCA), according to a report by the multi-party group.
Bailey has replaced interim chief executive Tracey McDermott, who was appointed following the resignation of Martin Wheatley in September 2015.
Before taking up this position, Bailey served as the first chief executive of the Prudential Regulation Authority (PRA).
He also worked at the predecessor of the FCA, as deputy head of the Prudential Business Unit and director of UK banks and building societies at the Financial Services Authority (FSA).
Bailey also worked for the Bank of England in a number of roles. In the report, the MPs of the Treasury Committee expressed their confidence in Bailey.
The report said: “We are satisfied that Andrews Bailey has the professional competence and personal independence to carry out his role as chief executive of the Financial Conduct Authority (FCA). We wish him every success in his role.”
Bailey began in his role at the FCA on 1 July.