And, while both acting FCA CEO, Tracey McDermott, and chair, John Griffiths-Jones were at pains to explain that the decision taken was about the best way to proceed with its investigation rather than one to stop it entirely, the number of column inches already taken up over its handling of the matter and questions of the regulator’s independence are evidence that something needs to be done with regards to its image.
Which brings us back to Bailey. Described by Osborne in the announcement of his appointment as the man who “led the Bank of England’s response to the financial crisis” Bailey has certainly got a first-hand knowledge not only of the complexities of the new financial world order, but also of the challenges of properly regulating it.
Indeed, Osborne went so far as to say: “Andrew is simply the most respected, most experienced and most qualified person in the world to do the job.”
That is not to say, however, that he will find the job a piece of cake. As my colleague Gary Shepherd outlined in a well thought out piece a few weeks ago, the task is an unenviable one.
He will have to find a way to re-energise a demoralised staff, while navigating a murky macroeconomic backdrop and an increasingly complex web of international co-operation and regulation that could be significantly disrupted by the forthcoming Brexit referendum.
And that is just the short term to-do list, all of which goes some way to explaining why it has proved so difficult to find a replacement.
