Senior U.K. regulator Andrew Bailey will take over direction of the nation's top watchdog agency for financial integrity in July, British officials disclosed Tuesday. Bailey, who currently heads the Prudential Regulatory Authority (PRA) and serves as the Bank of England's deputy governor, will succeed Martin Wheatley as chief executive of the Financial Conduct Authority (FCA), the agency tasked with policing Britain's banks for violations of anti-money laundering and sanctions rules, among other regulations. The appointment marks the completion of a months-long search to replace Wheatley, who announced his resignation in July before formally stepping down from the position in September....
British lawmakers will have a greater say going forward in choosing who runs the country's primary regulator of financial conduct, U.K. Chancellor George Osborne said in a letter Tuesday.
print