Former Prudential Regulation Authority head Andrew Bailey begins his new role as Financial Conduct Authority chief executive today.
Bailey succeeds Tracey McDermott, who was been interim chief executive since Martin Wheatley exited in September 2015.
The PRA’s most recent annual report shows Bailey was paid a total of £350,000 in 2015/16, this rises to £460,000 at the FCA.
He has asked to defer any bonus at the FCA, mirroring City pay rules.
Speaking to the FT, Shearman and Sterling regulatory partner Barney Reynolds says: “It’s a great moment to have someone with international stature take over at the helm.
“The FCA’s role going forward will change quite considerably, and it’s important to get the relationship with Europe right.”
One retail banker tells the newspaper: “I really think everything else will be put on the backburner, apart from ensuring market stability.
“What Mr Bailey will be doing though is going back and kicking the tyres on areas of concern even before last week — such as buy-to-let lending and unsecured credit.”