The Financial Conduct Authority has appointed Christopher Woolard as interim chief executive.

Woolard, who will take up his interim role on 16 March 2020, replaces Andrew Bailey who left his position to become governor of the Bank of England in December.

Woolard is currently the Financial Conduct Authority’s executive director of strategy and competition, and an executive member on the regulatory body’s board.

The economic secretary to the treasury John Glen says: “I am pleased to appoint Woolard to the role of interim chief executive of the Financial Conduct Authority and I look forward to working closely with him to ensure the UK remains a world leader in financial services.”

The Financial Conduct Authority chair Charles Randell adds: “I am looking forward to working with Woolard in his role as interim chief executive. I am confident that he and executive committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey.”