New Head of Prudential Regulatory Authority Appointed

Andrew Bailey, the current Managing Director of the Financial Services Authority's Prudential Business Unit, has been appointed as Chief Executive of the Prudential Authority. (On April 1, 2013, the Prudential Regulatory Authority will become responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers, and major investment firms.) Mr. Bailey will also become a Deputy Governor of the Bank of England, and a member of the Bank's Court of Directors, the Financial Policy Committee and the Board of the Financial Conduct Authority.