Andrew Bailey named lead Bank of England after Brexit

Dec. 20 (UPI) -- British Chancellor of the Exchequer Sajid Javid announced Friday Andrew Bailey will take over as the new governor of the Bank of England in March to replace Mark Carney.

Bailey, 60, currently serves as chief executive of the Financial Conduct Authority, which oversees the financial services industry in Britain. He was CEO at the Prudential Regulatory Authority until moving to the FCA in 2016.

"It is a tremendous honor to be chosen as governor of the Bank of England and to have the opportunity to serve the people of [Britain], particularly at such a critical time for the nation as we leave the European Union," Bailey said in a statement.

"The Bank has a very important job and, as governor, I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does."

The bank had faced recent controversy after learning that an audio feed of sensitive data had been leaked to high-speed traders by a third-party supplier. The controversy was not mentioned in the announcement, as Javid praised Carney for his service.

"The intellect, rigor and leadership [Carney] brought to the role during a critical time was a significant contribution to [Britain's] economy moving to recovery and growth," Javid said.

Javid said Bailey had the "international standing" needed to take on the job as Britain leaves the European Union.

"Andrew was the stand-out candidate in a competitive field," he added. "He is the right person to lead the bank as we forge a new future outside the EU and level-up opportunity across the country."