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28 Nov 11:02

About our Andrew Bailey news

Latest news on Andrew Bailey, the Governor of the Bank of England since March 2020.

Bailey is responsible for setting monetary policy, supervising the financial system, and is a member of the Financial Stability Board. He was born in Leicester in 1959 and studied history at Queens' College, Cambridge, before going on to study economic history at the University of Cambridge.

Bailey started working at the Bank of England in 1985, holding a variety of roles, including Executive Director for Banking Services and Chief Cashier. In 2011, he was appointed Deputy Governor of the Bank of England, responsible for Prudential Regulation, and played a significant role in shaping the UK's post-financial crisis regulatory framework. He resolved several banking crises, including the collapse of Barings Bank, the Northern Rock crisis, and the Dunfermline Building Society failure.

In April 2013, Bailey became the chief executive of the new Prudential Regulation Authority and the first Deputy Governor of the Bank of England for Prudential Regulation. He oversaw the regulation and supervision of banks, insurers, and major investment firms. In July 2016, he became the chief executive of the Financial Conduct Authority (FCA) and led the FCA's work on Brexit, fintech, consumer protection, market integrity, and financial stability.

Bailey faced criticism for his handling of several scandals at the FCA, including the LC&F collapse, the Woodford fund saga, and the GRG scandal. However, he was cleared of misleading an inquiry into the LC&F scandal by a parliamentary committee in June 2021.

Bailey was appointed Governor of the Bank of England in January 2020, succeeding Mark Carney. He has faced challenges such as managing the economic impact of the Covid-19 pandemic, overseeing the UK's transition out of the EU, reforming Libor and other benchmarks, and exploring the potential of a central bank digital currency.

He has also been involved in responding to the recent banking crisis, which saw the collapse of four banks, including Silvergate Capital Corp, Silicon Valley Bank (SVB), Signature Bank, and Credit Suisse, in March 2023. Bailey stated that he did not think this was another banking crisis like 2008 and that HSBC was effectively the only bidder for SVB's UK arm.

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