Ryan Bembridge

January 28, 2016

New Financial Conduct Authority head Andrew Bailey has ruled out a ‘shoot first, ask questions later’ approach like his predecessor Martin Wheatley, who left in September.

In the Financial Times European Financial Forum in Dublin, Bailey said: “We’re not going to be doing that.

“Shooting first and asking questions later is something that was probably put to bed by the FCA a while ago. It’s not my philosophy.”

Bailey instead said he would take the “fact-based analysis” approach, similar to the Prudential Regulatory Authority.

Bailey will be the next permanent head of the regulator once a successor is found for his current role as head of the Prudential Regulation Authority.

He was approached for the role after Interim chief executive Tracey McDermott ruled herself out of permanent leadership.

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