The British government on Friday named 60 year old, Andrew Bailey, the head of the Financial Conduct Authority, to be the next chief of the Bank of England. Mr. Bailey, who worked at the central bank for over 30 years before leaving to run the financial watchdog in 2016, will succeed Mark Carney.
As head of the Financial Conduct Authority, Mr. Bailey has extensive oversight experience. The regulator said it was investigating the misuse of a Bank of England audio feed that allowed investors to hear comments from news conferences before they were available to the public.
Mr. Bailey will begin his eight-year term on March 16. Mr. Carney, who had previously said he would leave on Jan. 31, will now stay on until March 15. He will be tasked with keeping the country’s economy on an even keel and responding to the fallout from the departure, known as Brexit.