Financial Conduct Authority: Andrew Bailey in 10 quotes

Andrew Bailey, deputy governor for prudential regulation at the Bank of England and chief executive officer of the Prudential Regulation Authority (PRA), speaks during a Bloomberg City Address at Bloomberg LP's offices in London, U.K., on Thursday, July 10, 2014. Bailey said the increasingly large fines banks face for poor conduct threaten to undermine efforts to recapitalize the industry. Photographer: Simon Dawson/Bloomberg *** Local Caption *** Andrew Bailey©Bloomberg

Andrew Bailey, the new chief executive of the Financial Conduct Authority, has served at the Bank of England since 1985 and started giving public interviews in 2010, when he announced the return of the £5 note to Britain’s cash machines.

Since then he has shared his views on everything from his regulatory style to “suicidal competition” to bank bonuses.



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1. January 2011, in interview with BBC Radio Scotland, on the role of regulators:

“Market discipline should be the first line of defence, not regulators like me coming along and beating people over the head.”

2. November 2011, in an interview with the Daily Mail, on the behaviour of banks before the financial crisis:

‘In certain activities there was arguably suicidal competition in the run-up to the crisis, of a sort that we do not want to see repeated.”

3. October 2012, in an interview with the Financial Times, on the collapse of Royal Bank of Scotland:

“The [RBS] treasurer, John Cummins, came in and I thought he was going to have a heart attack . . . and he looked at me and said I need £25bn today, can you do it? I said yes, I can do that.”

4. October 2012, in interview with the FT , on the Prudential Regulation Authority’s approach:

“It has to be focused because otherwise there is no end to it  . . .  I always say to [the big groups] I’ve only come to talk to you about three things; I’m not here to make 25 compliance points.”

5. December 2012, in an interview with The Telegraph, on the Financial Services Authority’s (former financial regulator) plans to be a focused regulator:

“If you take intensive and intrusive [supervision] literally, there is no end to it. Take one of the big banks: there are probably a dozen prudential supervisors working on a big bank, but you could have 120, you could have 200; of course, in the US they do. There is no end to it, unless you are focused and able to apply judgment around that focus.”

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6. December 2012, in an interview with The Telegraph, on bank bonuses:

“I don’t, by the way, tend to ring people up and say ‘get your bonuses down’. I’m not sure I’ve ever made that call. Contrary to public wisdom.”

Andrew Bailey appointed head of Financial Conduct Authority

Deputy Governor and CEO of the Prudential Regulation Authority, Bank of England, Andrew Bailey at the Bank of England Open Forum 2015 at Guildhall in London.

Bank of England veteran to lead City watchdog

7. April 2014, in interview with the Evening Standard, on the difference between the FSA’s position and the BoE’s:

“You could have had the Archangel Gabriel running the FSA, but it was only a 15-year-old institution. It hadn’t got that standing.”

8. April 2014, in an interview with the Evening Standard, on Mark Carney’s appointment as the BoE’s governor:

“I am the deputy governor whose job didn’t change basically  . . .  An oasis of calm.”

9. January 2015 in an interview with The Yorkshire Post on complaints about the BoE’s handling of the crisis:

“People wrote articles saying these people were making it up as they went along, and I would say you should have come and been with us at the time. This was not easy.”

10. October 2015, to the Treasury select committee, on changes to the senior managers regime:

“This is not a watering down . . . I don’t want a regime which has a flaw in it which they [senior managers] can exploit.”


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