Andrew Bailey

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Andrew Bailey (born 30 March 1959) is a British central banker who has served as the governor of the Bank of England since March 16, 2020. He is the 121st governor in the bank's history and succeeded Mark Carney in the role.
Bailey was previously the head of the U.K. Financial Conduct Authority, a role he was appointed to in 2016 by George Osborne, the former chancellor of the exchequer, after his predecessor, Martin Wheatley, was ousted.
Before that Bailey was the deputy governor of the Bank of England from April 2013 to July 2016. 
== Early life and education ==
Bailey was born in Leicester, England. He attended Wyggeston Boys' Grammar School in Leicester before studying at Queens' College, Cambridge, where he earned a BA in History and a PhD in Economic History. 
== Career ==
Bailey began his career as a research officer at the London School of Economics in 1985. He later joined the Bank of England, where he would spend most of his professional life. 
=== Bank of England ===
At the Bank of England, Bailey held various senior positions, including:
* Executive Director for Banking Services (2004-2011)
* Chief Cashier (2004-2011)
* Head of the Bank's Special Resolution Unit (2008-2011)
* Deputy Governor for Prudential Regulation (2013-2016)
During the 2008 financial crisis, Bailey played a crucial role in the resolution of troubled banks, including Northern Rock.
=== Financial Conduct Authority ===
From 2016 to 2020, Bailey served as the chief executive of the Financial Conduct Authority (FCA), the UK's financial regulatory body. His tenure at the FCA was marked by several high-profile cases and controversies, including the collapse of London Capital & Finance and the suspension of the Woodford Equity Income Fund. The appointment was made by George Osborne, the Chancellor of the Exchequer. Bailey took over the position from Tracey McDermott, the interim chief who headed the FCA since the regulator's founder, Martin Wheatley, was ousted in July of 2015.
=== Governor of the Bank of England ===
In December 2019, Bailey was announced as the next governor of the Bank of England, succeeding Mark Carney. He assumed the role on March 16, 2020, just as the COVID-19 pandemic was beginning to impact the global economy. 
As Governor, Bailey has faced significant challenges, including:
* Steering monetary policy through the economic impact of the COVID-19 pandemic
* Addressing rising inflation in the post-pandemic recovery period
* Managing the economic consequences of Brexit
* Approach and leadership style
Bailey is known for his calm and methodical approach to policymaking. He has been described as a pragmatist who prefers to make decisions based on evidence rather than ideology. His leadership style has been characterized as steady and low-key, in contrast to some of his more high-profile predecessors.
=== Criticism and controversies ===
During his tenure at the FCA and as Bank of England Governor, Bailey has faced criticism over several issues:
* The FCA's handling of the London Capital & Finance scandal
* The collapse of Greensill Capital
* The Bank of England's response to rising inflation in 2021-2022
Despite these challenges, Bailey has maintained the support of the UK government and continues to lead the Bank of England through a period of significant economic uncertainty.
During his career, he spent several years getting Britain's biggest banks to hold more capital. He also warned authorities in the UK and the US against fining banks excessively.
== References ==	
Category:UK FCA - Former Employees
Category:Former Regulators