The FCA’s new chief executive named as Prudential Regulation Authority’s Andrew Bailey

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George Osborne has named the deputy governor of the Prudential Regulation Authority (PRA) Andrew Bailey as the new chief executive of the FCA.

He will succeed interim chief executive Tracey McDermott, who has acted in the role since Martin Wheatley was unceremoniously removed from the post in September.

Bailey, who is being appointed for a five year term, will take up his new role once his successor at the PRA has been found. 

Bailey has notched up 30 years at his time at the Bank of England in a number of roles, including executive director for banking services and chief cashier, as well as head of the bank's special resolution unit (SRU).

Read more: Which way will the FCA swing on the banking culture?

The chancellor said his "unrivalled experience" made him "the right person" for the job. 

"I want British financial services to be the best regulated in the world – and I am confident Andrew Bailey will help deliver this," he added.