HM Treasury this week announced the appointment of Andrew Bailey as the new permanent Chief Executive of the U.K. Financial Conduct Authority for a five-year term. He is expected to take up the role in July 2016.

Bailey is currently the deputy governor for Prudential Regulation at the Bank of England and Chief Executive Officer of the Prudential Regulation Authority (PRA). He will take up his new role at the FCA once his successor at the PRA has been found.

In other news, effective April 1, HM Treasury also appointed the following four new non-executive FCA board members:

Bradley Fried, CEO of the Kirsh Group and a founder of investment firm Grovepoint Capital;

Baroness (Sarah) Hogg, chairman of the audit committee at the John Lewis Partnership and lead independent director of HM Treasury;

Ruth Kelly, former global head of client strategy in HSBC Global Asset Management.; and

Tom Wright, group chief executive of Age UK.

These appointments, which will take effect on April 1, replace Sir Brian Pomeroy and Amanda Davidson, who will step down from the board on March 31, and Mick McAteer who stepped down on Dec. 31, 2015.

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