On 19 April 2016, George Osborne MP, Chancellor of the Exchequer (the Chancellor), wrote to Andrew Tyrie MP, Chairman of the Treasury Select Committee, granting the House of Commons the ability, on the Treasury Select Committee’s recommendation, to determine whether or not a candidate for the Chief Executive of the FCA should be appointed.

The Chancellor makes clear his intentions to amend the legislation governing appointments to the role of FCA Chief Executive, to make any future appointments subject to a 5 year fixed, renewable term. This proposed legislative amendment excludes the forthcoming appointment of Andrew Bailey but would apply to his direct successor.

Mr Tyrie  welcomed these prospective changes and the arrangement in the Chancellor’s letter, stating that  “Parliament will now be better placed to safeguard the FCA from interference  – or the perception of interference - by the Treasury or Treasury Ministers.”