The new chief executive of the FCA has been announced this morning as Andrew Bailey, the chief executive of the Prudential Regulation Authority.

He takes the role after the departure of Martin Wheatley last year.

Mr Bailey assumed the role of Deputy Governor for Prudential Regulation and chief executive of the Prudential Regulation Authority in April 2013.

He is also a member of the Bank’s Court of Directors, the PRA Board, the Financial Policy Committee, and the FCA board, according to the Bank of England website.

His Bank of England biography stated: “While retaining his role as executive director of the Bank, Andrew joined the Financial Services Authority in April 2011 as deputy head of the Prudential Business Unit and Director of UK Banks and Building Societies.

“In July 2012, Andrew became managing director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting.

“Previously, Andrew has worked at the Bank in a number of areas, most recently as executive director for banking services and chief cashier, as well as head of the bank's Special Resolution Unit. Previous roles include Governor's private secretary, and head of the international economic analysis division in monetary analysis.”

Mr Bailey said: “The new system of financial regulation in the UK depends for its success on both conduct (FCA) and prudential (PRA) regulators achieving their objectives given by Parliament.

“Recent developments have shown that the most pressing issue in the system right now is the need for stable leadership at the FCA. 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.”

He will succeed Tracey McDermott, who has been interim chief executive since Mr Wheatley stepped down in September 2015.

Bank of England Governor Mark Carney 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.

“His work in helping to manage the crisis and then to develop the post-crisis regulatory framework has been exemplary. He has made the PRA a highly respected and effective regulator and built a team of exceptionally dedicated colleagues.”

Chancellor George Osborne said: “Andrew Bailey is the outstanding candidate to be the next Chief Executive of the Financial Conduct Authority.

“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.”