The Nomination Committee for the next Financial Stability Board (FSB) chair has unanimously agreed to recommend that the Plenary appoint Andrew Bailey, governor of the Bank of England, as the next FSB chair for a three-year term to begin on 1 July 2025. The Plenary will formalise the appointment when it meets in person in June.

Bailey currently serves as the chair of the FSB’s Standing Committee on Supervisory and Regulatory Cooperation (SRC). The SRC addresses key financial stability risks through the development of supervisory and regulatory policies and coordinates issues that arise among supervisors and regulators to ensure effective consideration of cross-sector and international implications.

François Villeroy de Galhau, governor of the Bank of France and chair of the Nomination Committee said, “Andrew possesses the leadership, expertise and vision needed to guide the FSB in achieving its objectives. We are pleased to put him forward to the Plenary as the next FSB chair.”

Klaas Knot, president of De Nederlandsche Bank and chair of the FSB, added “Andrew has a proven track record of fostering collaboration, having led recent key FSB reform initiatives, including on crypto-assets and non-bank financial intermediation. This positions him well to guide the FSB forward, with a focus on ensuring the successful implementation of agreed reforms.”

Bailey said, “I look forward to serving the FSB at this important time for the critical task of maintaining global financial stability and carrying on the excellent work done by Klaas Knot.

“It is at times like this that the stability of the financial system is put to the test. That stability rests on strong regulatory standards and effective international co-operation. The global financial crisis underscored the importance of addressing challenges collectively and strengthening the multilateral system. The FSB exemplifies this approach, ensuring a resilient and stable financial system for the future. The FSB has a vital leadership role, and I am firmly committed to continuing that role in a very rapidly changing world.”

The FSB is currently chaired by Knot, whose term of office as FSB chair will end on 30 June 2025.

The FSB chair is selected from representatives on the Plenary and appointed by the Plenary for a term of three years renewable once.

The process for appointing the FSB’s chair is set out in the FSB’s Procedural Guidelines and the Charter. In line with the agreed procedures, the FSB Plenary established a Nominations Committee in November 2024. The Nominations Committee oversees the nomination process, consults member representatives on candidates, and proposes a final recommendation for the FSB chair to the Plenary.

The Nominations Committee is chaired by Francois Villeroy de Galhau, governor of Banque de France. Its other members are Ayman Al-Sayari, governor of Saudi Central Bank; Shigeru Ariizumi, vice minister for International Affairs Japan Financial Services Agency, chair of IAIS, vice chair of IOSCO; Nellie Liang, former undersecretary for domestic finance, U.S. Treasury and SCAV chair; Daniela Stoffel, state secretary for International Finance, Swiss Federal Department of Finance; and Eddie Yue, chief executive, Hong Kong Monetary Authority.

Bailey has served as the governor of the Bank of England since 16 March 2020. From 1 July 2016 until taking up the role of governor of the Bank of England, he served as CEO of the Financial Conduct Authority (FCA). As CEO of the FCA, he was also a member of the Prudential Regulation Committee, the Financial Policy Committee, and the board of the Financial Conduct Authority.

Bailey previously held the role of deputy governor, Prudential Regulation and CEO of the PRA at the Bank of England from 1 April 2013. While retaining his role as executive director of the bank, he joined the Financial Services Authority in April 2011 as deputy head of the Prudential Business Unit and director of UK Banks and Building Societies. In July 2012, Bailey became managing director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. He was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting.

Previously, Bailey worked at the Bank of England in a number of areas, most recently as executive director for banking services and chief cashier, as well as head of the bank’s Special Resolution Unit (SRU). Previous roles include governor’s private secretary, and head of the International Economic Analysis Division in Monetary Analysis.

Re-disseminated by The Asian Banker