The Financial Stability Board (FSB) has announced its intention to appoint Andrew Bailey, Governor of the Bank of England, as its next Chair. Bailey's nomination by the Nomination Committee will be formalized by the Plenary at its June meeting, with his term beginning on July 1, 2025.
Bailey currently chairs the FSB’s Standing Committee on Supervisory and Regulatory Cooperation, which focuses on financial stability risks through supervisory and regulatory policies. He coordinates issues among various regulators to consider cross-sector and international implications.
François Villeroy de Galhau, Governor of the Bank of France, chairs the Nomination Committee and expressed confidence in Bailey's leadership abilities. "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," he stated.
The current FSB Chair, Klaas Knot, President of De Nederlandsche Bank, also voiced his support, highlighting Bailey's previous contributions. "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," said Knot.
Bailey expressed his commitment to maintaining financial stability and building upon Knot’s accomplishments. He acknowledged the challenges facing the international financial system, emphasizing the importance of collaboration and strong regulatory standards. "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," he remarked.
Bailey’s extensive career includes his current position as Governor of the Bank of England, which he began on March 16, 2020. Prior to that, he was CEO of the Financial Conduct Authority (FCA) and has held various roles within the Bank of England and other financial regulatory entities.
The process for appointing the FSB Chair is outlined in the FSB’s Procedural Guidelines and the Charter. The committee charged with overseeing the nomination process included prominent figures such as Ayman Al-Sayari, Shigeru Ariizumi, Nellie Liang, Daniela Stoffel, and Eddie Yue, among others.
The FSB coordinates the work of national financial authorities at the international level, promoting effective regulatory and supervisory policies for global financial stability. Headquartered in Basel, Switzerland, the FSB conducts activities through various regional groups and collaborates with financial authorities from 24 countries and jurisdictions.