Leicester-born Andrew Bailey named head of banking watchdog
A Leicester-born financial expert has become head of the new organisation aimed at preventing another banking meltdown.
Andrew Bailey has been named chief executive of the Bank of England's Prudential Regulation Authority.
The 53-year-old will also serve as one of three Bank of England deputies as part of a shake-up at the Bank.
On April 1, the Prudential Regulation Authority will become responsible for the regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
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"I am very honoured to have been chosen for this role," said Mr Bailey, who was born and brought up in Stoneygate.
"We have a big job ahead to ensure the UK has a stable financial system made up of banks, insurers and investment firms able to support activity in the economy and the needs of the public.
"There have been important and painful lessons from the financial crisis and we must ensure the UK has a successful system of financial regulation now and for the future."
Mr Bailey was the Bank of England cashier for seven years until 2011, meaning his signature still appears on millions of Bank notes.
Bank governor Mervyn King, who will be succeeded by Canadian-born Mark Carney in July, said: "I have worked closely with Andrew for the past 10 years, and I know he is the right person to lead the Prudential Regulation Authority in the years ahead."
After becoming managing director of the Financial Services Authority's Prudential Business Unit in July, Mr Bailey has seen his profile boosted in the national media.
The FSA will be succeeded by the Prudential Regulation Authority in April.
Mr Bailey joined the Bank of England in 1985 after a stint at the London School of Economics.
In 2011, Mr Bailey gave a lecture on banking supervision in Leicester, which was sponsored by De Montfort University and hosted by Leicester Literary and Philosophical Society.