March 5, 2020 / 5:24 PM / a month ago

UK lawmakers back Bailey as BoE boss, criticise agency he leads

FILE PHOTO: Chief Executive of the Financial Conduct Authority Andrew Bailey speaks at a press conference at the Bank of England in London, Britain February 25, 2019. Kirsty O'Connor/Pool via REUTERS

LONDON (Reuters) - An influential committee in Britain’s parliament said on Thursday that it backed Andrew Bailey to become the new governor of the Bank of England, but criticised the performance of the financial regulator that he has led.

The Treasury Committee said it was “satisfied that Mr Bailey has the professional competence and personal independence to be appointed”, and his appointment was unanimously approved by the panel which questioned Bailey on Wednesday.

But the committee added there was “a gap between public expectations and the current powers and performance” of the Financial Conduct Authority, which Bailey currently heads.

The Treasury Committee does not have a veto over the appointment of BoE governors.

Reporting by William Schomberg, editing by David Milliken

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