Huw Evans, Director General of the Association of British Insurers (ABI), has released a statement endorsing the recent appointment of Andrew Bailey as the new governor of the Bank of England.
Bailey, who currently serves as Chief Executive of the UK’s Financial Conduct Authority, will bring a “deep understanding” of regulatory challenges to the role, Evans said.
In order to provide for a smooth transition, outgoing Governor Mark Carney has agreed to now complete his term on 15 March 2020.
“This is an excellent appointment which the insurance and long-term savings sector will wholeheartedly support,” Evans said.
“Andrew is an outstanding public servant with a rich understanding of the regulatory challenges that need to be resolved if we are to play our fullest part in supporting economic and social needs.”
Bailey also commented on his appointment: “It is a tremendous honour to be chosen as Governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.”
“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,” he continued.
It is important to me that the Bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.”