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Bank claim: BoE names new regulator

Andrew Bailey has been named as deputy governor for Bank of England (BoE) and head of its new division for regulating UK banks.

He is currently the head of the Financial Services Authority (FSA) but will become chief executive of its new Prudential Regulation Authority (PRA) at the start of April, after the FSA closes.

PRA has been set up in response to the fact that regulators failed to stop UK banks from falling into a financial crisis. Royal Bank of Scotland (RBS) and Lloyds had to be bailed out by UK government.

The new regulator will have more power within BoE and will be in charge of the Financial Policy Committee, which Mr Bailey is already the head of.

Mr Bailey’s next concern with the Financial Policy Committee is presenting a plan to see what is needed to make RBS and Lloyds independent of government. He will present this plan in March.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801545017-ADNFCR



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