Andrew Bailey was announced as the new Governor of the Bank of England on 20 December 2019 and he began his term on 16 March 2020. Andrew served as chief executive officer of the Financial Conduct Authority (FCA) from 1 July 2016 until taking up the role of Governor. As CEO of the FCA, Andrew was also a member of the Prudential Regulation Committee, the Financial Policy Committee, and the Board of the Financial Conduct Authority. Andrew previously held the role of deputy governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as executive director of the bank, Andrew 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, Andrew 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.