The Financial Conduct Authority (FCA) announced this Friday that Christopher Woolard had been named as interim Chief Executive Officer by the HM Treasury, following the departure of the British regulator’s former CEO, Andrew Bailey.
Woolard is currently the UK watchdog’s Executive Director of Strategy and Competition. He is also an Executive Member of the FCA’s Board and a non-executive member of the Payment Systems Regulator Board.
As the Executive Director of Strategy and Competition, Woolard is responsible for the regulator’s policy output, its work on innovation, competition, and economics, the statement from the FCA said.
Woolard is replacing Bailey, who, as Finance Magnates reported, has been appointed as the head of the Bank of England (BoE). Bailey will take the reins of the central bank on May 16, 2020, and has agreed to serve a full eight-year term.
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Woolard first joined the Financial Services Authority in 2013, to help lead the creation of the FCA. Between 2009 and 2012, he worked at Ofcom and also at the BBC between 2005 and 2009.
Permanent FCA CEO to be announced
Commenting on the appointment, Charles Randell, the FCA’s chair, said in a statement: “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.”
The Chief Executive of FCA is a public appointment made by HM Treasury. In order to find the permanent CEO, the HM Treasury will be running an open competition, and further details will be announced.
“I’m delighted that I’ve been asked to take on this role. We have a huge job to do and I’m looking forward to working with the Board and colleagues across the FCA as we continue to deliver the FCA’s mission,” added Woolard.