Andrew Bailey (banker)

Andrew Bailey
Born	(1959-03-30) March 30, 1959 United Kingdom
Occupation	Central banking professional
Years active	1985–present
Known for	Governor of the Bank of England

Andrew John Bailey (born 30 March 1959) is a British central banking professional who has held the position of Governor of the Bank of England since 16 March 2020.

His previous significant appointments include serving as Chief Cashier of the Bank of England from January 2004 until April 2011 under Mervyn King, acting as Deputy Governor of the Bank of England for Prudential Regulation between April 2013 and July 2016 during Mark Carney’s tenure, and leading the Financial Conduct Authority as Chief Executive from 2016 to 2020.

Education

Bailey was educated at Wyggeston Boys' Grammar School in Leicester before attending Queens' College, Cambridge. He obtained a Bachelor of Arts in history, later converted to an M.A. Cantab. in 1985, and completed his Ph.D. in 1984 with a dissertation examining how the Napoleonic Wars influenced the Lancashire cotton industry, particularly analyzing firm structures and behaviors during the Industrial Revolution.

Career

Upon graduating, Bailey commenced his career at the Bank of England in 1985, undertaking various roles such as executive director for banking services, Chief Cashier, and head of the Special Resolution Unit (SRU). Additionally, he served as private secretary to the Governor and led the International Economic Analysis Division within Monetary Analysis.

Between August 2007 and April 2011, Bailey managed the bank’s initiatives addressing challenges in the banking sector amid the 2008 financial crisis. In 2009, he was appointed chairman and CEO of Dunfermline Building Society Bridge Bank Ltd.

Starting on 1 April 2013, Bailey assumed leadership as chief executive of the newly established Prudential Regulation Authority and simultaneously became the first deputy governor of the Bank of England responsible for Prudential Regulation.

On 26 January 2016, he took over as CEO of the UK’s Financial Conduct Authority, succeeding interim CEO Tracey McDermott, following Martin Wheatley’s resignation after a no-confidence vote by George Osborne in July 2015.

In September 2019, Bailey was accused of dozing off during a meeting with British Steel Pension Scheme (BSPS) campaigners amid a significant pension mis-selling controversy. A subsequent investigation by the National Audit Office revealed that firms authorized by the FCA had provided unsuitable transfer advice, resulting in considerable financial losses for BSPS members. The FCA faced parliamentary criticism for its slow reaction.

By March 2020, the Treasury Select Committee publicly condemned the FCA’s management under Bailey’s leadership and committed to overseeing its culture, operational effectiveness, and openness following widespread dissatisfaction expressed by consumer advocates and industry stakeholders.

Governor of the Bank of England

On 3 June 2019, Bailey was identified as the leading candidate to succeed Mark Carney as Governor of the Bank of England. His appointment was confirmed on 20 December 2019 by Chancellor Sajid Javid, with his term commencing on 16 March 2020. The Economist characterized him as a "safe pair of hands," an experienced technocrat skilled in overseeing large institutions.

In 2021, Bailey publicly rebuked the Economic Affairs Committee of the House of Lords for describing quantitative easing using the term "addiction," deeming it an inaccurate portrayal.

In February 2022, unions criticized Bailey after he encouraged employees to moderate pay increases amid rising living costs. When asked about his remuneration, he estimated it to be approximately £500,000.

By May 2022, Bailey identified escalating food prices as a "major worry" both within the UK and internationally, attributing these supply disruptions to the consequences of the Russian invasion of Ukraine.

Following the September 2022 "mini-budget," Bailey reassured that the Bank of England would not hesitate to increase interest rates to achieve its inflation target of 2% and monitored financial market volatility closely.

In response to growth proposals from Rachel Reeves in 2025, Bailey cautioned against easing financial regulations, stressing that growth and stability are not mutually exclusive and recalling lessons from the 2008 financial crisis.

In April 2025, Bailey was named chair of the Financial Stability Board. His current term as Governor is scheduled to end on 15 March 2028.

Personal life

He is married to Cheryl Schonhardt-Bailey, who serves as a professor of political science and leads the Department of Government at the London School of Economics and Political Science (LSE).

External links

• Profile at the FSA