Britain's most important financial regulator, the Financial Conduct Authority, has a new boss.
Andrew Bailey, the Chief Executive of the Prudential Regulation Authority, has been made chief executive of the FCA, replacing interim CEO Tracey McDermott, who succeeded former boss Martin Wheatley in September 2015.
The appointment was confirmed by the Treasury in a brief statement on Tuesday morning, and was welcomed by Chancellor of the Exchequer George Osborne in a series of tweets.
Delighted to announce Andrew Bailey will lead @TheFCA. He was the most respected and qualified candidate for this crucial job
- George Osborne (@George_Osborne) January 26, 2016This is a breaking news story and will be updated as new information emerges.