After the monumental and numerous failings he presided over, and caused, at the FCA, God help us.
He will soon be in a position to wreck the country as well.
You read it here first.
I agree that the FCA is not fit for purpose and its regulations of P2P lenders has been woeful.
I actually think that while the governor of the bank of england is an important job, interest rates have now been so low for so long, the levers the organisation has to actually change anything have pretty much been removed. The govenor job now seems to be just to tinker around with interest rates between zero and one percent, largely in line with all other central banks. I think Mark Carney got bored and decided that he should turn the bank of england governor position into a political mouthpiece.
Therefore for all Bailey's cock up's at the FCA, I think running the FCA is a very much more challenging role than Governor of the BoE. All he really needs to do is turn up once a month, say no change required, do a press meeting to explain the decision and then keep quiet. If he does this he will be a lot more of a success than Carney.
The FCA took on the consumer protection role of the former FSA, while its role of regulating the financial system for prudential stability went to the PRA, which is part of the Bank of England.
Bailey will now have a larger role in relation to prudential regulation, and a lesser role in relation to direct consumer protection. As FCA CEO he was already a member of the Prudential Regulation Committee, which is the official point of connection between PRA and FCA.