Andrew Bailey is the new FCA Chief Executive Officer with effect from 1 July 2016.

His appointment was first announced by HM Treasury in January 2016. Mr Bailey replaces Tracey McDermott who has been acting FCA Chief Executive Officer since September 2015.

Mr Bailey will be responsible for implementing the strategy agreed by the Board, the leadership of the FCA and managing it within the authorities delegated to him by the Board.

The FCA have confirmed that all FCA staff other than the Chair’s immediate staff, the Director of Internal Audit and the Company Secretary ultimately report to the Chief Executive Officer.