The FCA has appointed Andrew Bailey as chief executive of the FCA for a five-year term. Mr Bailey, currently PRA Chief Executive and Bank of England Deputy Governor for Prudential Regulation, is expected to begin his role at the FCA in July 2016. Tracey McDermott, currently acting FCA Chief Executive, will remain in her position until Mr Bailey becomes FCA Chief Executive. Mr Bailey's appointment follows Martin Wheatley's decision to stand down as FCA Chief Executive with effect from September 2015, following HM Treasury's decision not to renew his appointment.