The Treasury Committee has today published its report on the appointment of Andrew Bailey as Governor of the Bank of England.
Whilst it is satisfied that Mr Bailey has the professional competence and personal independence to be appointed, and therefore unanimously approves his appointment, the Committee raised a number of serious concerns regarding the performance of the FCA both before and during his time as its Chief Executive.
Many of these concerns – specifically around culture, transparency and insufficient speed of action – will remain a key focus for the committee.
Commenting on the report, Rt Hon. Mel Stride MP, Chair of the Treasury Committee, said: “The Committee is clear that it has an important role in improving the performance of the FCA. We will be holding a rigorous pre-appointment hearing with the new CEO to consider further the issues raised in yesterday’s session.”