Deputy Chairman of the Bank of England’s Andrew Bailey will head the FCA

Moscow. January 26. Deputy Chairman of the Bank of England’s Andrew Bailey will be the new head of the British Department for control over observance of standards of conduct in financial markets (Financial Conduct Authority, FCA), Bloomberg reported citing a statement by Finance Minister George Osborne.

From September 2015, when has left his post as head of the regulator, Martin Wheatley, FCA on interim basis, was headed by Tracey McDermott, Director of enforcement and control of financial crimes.

Bailey, on April 1, 2013 holding the position of Chairman of the Bank of England’s prudential oversight and CEO Management of prudential regulation of the country (the Prudential Regulation Authority, PRA), will be headed by the FCA for at least five years. He will take on his new position, once he found a successor as head of the PRA.

FCA was established in 2013 as part of the creation of a new regulatory structure with the goal of rehabilitation of seriously deteriorating the image of the financial system of the country. The Agency has taken important steps to establish itself as a regulator having a rigid position in terms of delinquencies and aims to protect consumers from various frauds in the financial sector.

Under the guidance of Wheatley FCA conducted inspections in various areas of the financial industry, including an investigation into banks ‘ manipulation of the benchmark rates.

In 2014, the fines imposed on the British genkompanii reached 1.23 billion pounds ($1.92 billion), according to Kinetic Partners.