The Treasury has appointed Andrew Bailey as deputy governor of the Bank of England (BoE) and chief executive of the Prudential Regulation Authority (PRA).
Bailey (pictured) is currently managing director of the Financial Services Authority's (FSA) prudential business unit and is responsible for banks, investment banks and insurers.
Chancellor George Osborne said: 'Andrew Bailey has the right skills and experience to lead the PRA as it moves into the new era of judgement-led supervision.
'Putting the BoE in charge of prudential regulation is at the heart of the government’s reforms to regulation of financial services. It will be a tough, forward-looking regulator, focused on the stability of banks, other deposit takers and insurers – and with a mandate to protect policyholders.'
The FSA will be split into the PRA and the Financial Conduct Authority on 1 April.