The U.K. Treasury said on Tuesday Andrew Bailey will take over the helm as chief executive of the Financial Conduct Authority and serve a five-year term. Bailey, who is currently deputy governor of the Bank of England, will succeed Tracey McDermott, who has acted as interim CEO since Martin Wheatley stepped down from the post in September last year. The appointment of Bailey was seen as a surprise choice, as he had not been mentioned before in relation to who would take over after Wheatley. “We have cast the net far and wide for this crucial appointment and, having led the Bank of England’s response to the financial crisis, Andrew is simply the most respected, most experienced and most qualified person in the world to do the job,” said Chancellor of the Exchequer George Osborne in the statement.
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