The British government today named 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 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. On Thursday, 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 new job on March 16, 2020. Mr. Carney, who had previously said he would leave on Jan. 31, will now stay on until March 15.
Mr. Bailey will be taking charge of the central bank shortly after Britain is expected to withdraw from the European Union, on Jan. 31.
Mr. Bailey will face the challenge of keeping the country’s economy on an even keel and responding to the fallout from the departure, known as Brexit.
After leaving the Bank of England, Mr. Carney is set to take up a role as the United Nations special envoy for climate action and finance.