Andrew Bailey (banker)


Andrew John Bailey (born 30 March 1959) is a British central banker who has been Governor of the Bank of England since 16 March 2020.

Andrew Bailey
Bailey in 2016
Governor of the Bank of England
Assumed office
16 March 2020
Appointed bySajid Javid[1]
Preceded byMark Carney
Chief Executive of the Financial Conduct Authority
In office
1 July 2016  15 March 2020
Preceded byTracey McDermott
Succeeded byNikhil Rathi
Deputy Governor of the Bank of England for Prudential Regulation
In office
1 April 2013  1 July 2016
GovernorMark Carney
Preceded byOffice Created
Succeeded bySam Woods
Chief Cashier of the Bank of England
In office
1 January 2004  1 April 2011
GovernorMervyn King
Preceded byMerlyn Lowther
Succeeded byChris Salmon
Personal details
Born (1959-03-30) 30 March 1959 (age 61)
Leicester, England
Other political
affiliations
None
Spouse(s)Cheryl Schonhardt-Bailey
ChildrenHannah Bailey Samuel Bailey
Alma materQueens' College, Cambridge
OccupationCentral banker

Previously he served as the Chief Cashier of the Bank of England from January 2004 until April 2011, Deputy Governor of the Bank of England from April 2013 to July 2016, and Chief Executive of the Financial Conduct Authority from 2016 to 2020.[2]

Education


Bailey attended Wyggeston Boys' Grammar School, Leicester from where he went to Queens' College, Cambridge, where he gained a BA in History and a PhD from the Faculty of History, University of Cambridge in 1985 with a thesis on The impact of the Napoleonic Wars on the development of the cotton industry in Lancashire: a study of the structure and behaviour of firms during the Industrial Revolution.[3]

Career


After university, Bailey became a research officer at the London School of Economics, before joining the Bank of England in 1985.

He has worked at the bank in a number of areas, most recently as executive director for banking services and as chief cashier, as well as head of the bank's Special Resolution Unit (SRU). Previous roles include Governor's private secretary, and head of the International Economic Analysis Division in Monetary Analysis.

Since the onset of the financial crisis in August 2007 and until April 2011, Bailey was responsible for the bank's special operations to resolve problems in the banking sector, and in 2009 was chairman and chief executive of Dunfermline Building Society Bridge Bank Ltd.

On 1 April 2013 Bailey became the chief executive of the new Prudential Regulation Authority[4] and the first deputy governor of the Bank of England for Prudential Regulation.

On 26 January 2016, it was announced that Andrew Bailey would take over as CEO of the UK Financial Conduct Authority.[5] He replaced Tracey McDermott, who became acting CEO after Martin Wheatley resigned following a vote of no confidence by George Osborne in July 2015.[6]

In March 2020 the Treasury select committee criticised the performance of the Financial Conduct Authority. The committee said it would monitor closely the culture, operations and transparency of the FCA. This followed damning criticisms of the watchdog by consumer and industry groups during Bailey’s tenure as its chief executive.[7]

On 3 June 2019, it was reported in The Times that Bailey was the favourite to replace Mark Carney as the new Governor of the Bank of England.[8] Sajid Javid had also intervened in support of Bailey.[9] According to The Economist, "He is widely seen within the bank as a safe pair of hands, an experienced technocrat who knows how to manage an organisation."[10]

His term will expire on 15 March 2028.

References


  1. Partington, Richard (20 December 2019). "Andrew Bailey appointed head of Bank of England". The Guardian. Retrieved 2 April 2020. Javid is understood to have decided on Bailey.
  2. "Andrew Bailey". www.bankofengland.co.uk. Retrieved 16 March 2020.
  3. "The impact of the Napoleonic Wars on the development of the cotton industry in Lancashire: a study of the structure and behaviour of firms during the Industrial Revolution". Cambridge University Library. Retrieved 23 December 2019.
  4. About the Bank | People | Andrew Bailey – Executive Director and Head of the Prudential Business Unit Archived 10 February 2017 at the Wayback Machine. Bank of England. Retrieved 28 April 2012.
  5. "Andrew Bailey is new City watchdog boss". BBC. 26 January 2016.
  6. Inman, Phillip (17 July 2015). "City watchdog chief quits after George Osborne vote of no confidence". The Guardian. ISSN 0261-3077. Retrieved 14 February 2017.
  7. Inman, Phillip (5 March 2020). "Concerns raised over new Bank of England governor's time at FCA" via www.theguardian.com.
  8. Costello, Miles (3 June 2019). "The week ahead". The Times. ISSN 0140-0460. Retrieved 3 June 2019.
  9. "Revealed: Sajid Javid scored victory over rival Dominic Cummings when it came to appointing new Bank of England Governor". London Evening Standard. 5 February 2020. Retrieved 9 February 2020.
  10. "Andrew Bailey takes over as governor of the Bank of England". The Economist. 15 March 2020.