A senior official at the Financial Conduct Authority (FCA) has been chosen to fill the shoes of chief executive Andrew Bailey when he leaves to become Bank of England governor later this year.
The Treasury has appointed Chris Woolard as the City watchdog's interim boss, the FCA announced on Friday, until a full-time replacement is found. Woolard, the executive director of strategy and competition, is currently responsible for policy output, innovation, competition and economics. He also sits on the FCA's board.
He said the watchdog has "a huge job to do".
FCA chairman Randell said: "I'm looking forward to working with Chris in his interim chief executive role. I'm confident that he and executive committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey."
Paul Edmondson, a financial services partner at law firm CMS, said: "This is not a surprise appointment. Chris Woolard has been responsible for FCA policy, strategy and innovation during a difficult period for the regulator. He seems a perfect fit to meet the immediate challenge of Brexit-related negotiations and future UK regulatory policy."
