ICAEW has backed the appointment of Andrew Bailey as the newly anointed head of City watchdog, the Financial Conduct Authority.
Michael Izza, ICAEW chief executive, said: “The Financial Conduct Authority badly needs both stability and strong leadership, which Andrew Bailey can certainly give. He is well respected for the superb job he has done at the Bank of England and as CEO of the PRA – which he leaves in excellent shape.
“The challenge in front of him should not be underestimated. The FCA does not just need to be a strong regulator, it also needs the support of the industry if it is to continue make the changes needed to restore trust in financial services. I have every confidence Andrew is the right man for the job.”
Bailey, who has carved out a senior career at the Bank of England since joining the venerable organisation in 1985, has been appointed for five years and will formally start his new role when a successor has been found for his role as head of the Prudential Regulation Authority (PRA).
He takes over from Martin Wheatley, who departed in September. Tracey McDermott has been caretaker boss since Wheatley’s exit.
Colin McClatchie joins Robert Black, Rhona Brankin and Dame Lin Homer as a public interest member on the ICAS council
Former chief executive of HMRC Dame Lin Homer has been appointed to the ICAS council as a public interest member
Dame Elish Angiolini appointed as chair of the ICAS Discipline Board, and Lord Wallace of Tankerness appointed to its Regulation Board
The AAT has become the first accountancy body to sign the Women in Finance Charter, which is designed to help achieve gender balance in the financial services industry