Andrew Bailey, named on Tuesday as the new chief executive of the Financial Conduct Authority, has admitted that he did not apply for the high-profile role as he signalled a change in approach to the City by the regulator.
“Really this only happened over the course of this month, coming back from holiday over Christmas,” he said. “I was approached to say, would I consider the job.”
Bailey, deputy governor for prudential regulation at the Bank of England and CEO of its bank regulation arm, the Prudential Regulation Authority, was a surprise choice for the FCA role and is not expected to take up the position for six months while a successor is found.
He is replacing Martin Wheatley – who said he would shoot first and ask questions later when he became the FCA’s first boss in 2010. Bailey said that would not be his tactic when he takes on the post, temporarily filled by FCA insider Tracey McDermott.
“Shooting first and asking questions later is something that was probably put to bed by the FCA a while ago ... “It’s not my philosophy … It won’t be part of my rhetoric,” he told a Financial Times conference in Dublin on Wednesday.
Wheatley left the FCA in September after chancellor George Osborne did not renew his five-year contact. Osborne approached Bailey about replacing him following a search for a successor.
“I don’t think there’s any sense in turning up on day one and saying I have a blueprint,” he added.
Bailey had been regarded as potential replacement for Mark Carney, governor of the Bank of England. Carney was appointed on a five-year term, but has signalled he is considering staying for the full eight years attached to the role.
“I don’t live to be governor of the Bank of England, that’s not what motivates me and it never will and I recommend generally: don’t live to do some job that you’re not doing today,” Bailey said.
