Andrew Bailey has been named as the chief executive of the Financial Conduct Authority (FCA).
The FCA said it expects him to start working as chief executive from July 2016.
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Bailey is currently the deputy governor for the Prudential Regulation at the Bank of England, and also chief executive officer at the Prudential Regulation Authority.
He will replace Tracey McDermott, who has been leading the FCA on an interim basis since for chief Martin Wheatley stepped down in 2015.
Wheatley stepped down after UK Chancellor George Osborne said his contract would not be renewed. Although press reports had suggested McDermott was a frontrunner to take on the job on a more full time basis, it was eventually revealed she did not want the position.
John Griffith-Jones, chairman of the FCA, said: "He brings unrivalled regulatory experience, a proven track record and an excellent reputation in the UK and internationally. Having been an FCA board member since 2013 he has been fully engaged with all the regulatory issues that we have faced in recent years and in setting our strategy for the future."
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By GlobalData"I look forward to working with Andrew. He has done a great job at the PRA and he will build on the work the FCA has done over the last three years as a strong, independent regulator."
"I would also like to thank Tracey McDermott for the excellent job she has been doing as the Acting chief executive and for agreeing to remain in post until Andrew starts."
The Treasury also appointed Bradley Fried, Sarah Hogg, Ruth Kelly and Tom Wright to the FCA Board as non-executive members.
Commenting on the challenges Bailey faces, Hayden Lightfoot, associate partner at Crossbridge consultancy, said: "There is little doubt a new approach to regulation is needed for the UK’s financial services sector. Martin Wheatley took an aggressive approach during his tenure as Chief Executive of the FCA, and his interim successor, Tracey McDermott, last week defended criticism of the FCA in what has been a turbulent start to 2016 for the regulator.
"Andrew Bailey will need to navigate a complex stakeholder map if he is to be successful in developing a banking environment that is attractive to banks whilst rebuilding the UK public’s perception of the banking industry. He will need to set the right balance between being authoritative and collaborative with the banks.
"Perhaps most critically, however, Andrew Bailey will have to ensure the FCA itself maintains the highest standards. As internal documents connected with the banking culture review were recently leaked, the focus that maintaining these standards will require has never been clearer."
