Britain's most important financial regulator just got a new boss

Britain’s most important financial regulator, the Financial Conduct Authority, has a new boss.

Andrew Bailey, the Chief Executive of the Prudential Regulation Authority, has been made chief executive of the FCA, replacing interim CEO Tracey McDermott, who succeeded former boss Martin Wheatley in September 2015.

The appointment was confirmed by the Treasury in a brief statement on Tuesday morning, and was welcomed by Chancellor of the Exchequer George Osborne in a series of tweets.

This is a breaking news story and will be updated as new information emerges.

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