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Bank of England: What does the governor do? Top Stories. Published 20 December 2019. The governor is tasked with representing the Bank, interacting with government officials, and overseeing the Monetary Policy Committee. In 2016, he was appointed to the head of the City watchdog, the Financial Conduct Authority. Mr Carney described Mr Bailey as "an extraordinary public servant". However, the FCA has faced criticism in recent months over its regulatory scrutiny of the flagship fund of one of the UK’s best known money managers, Neil Woodford. Structure of the Bank of England Andrew Bailey was the early frontrunner for one of the most powerful positions in the UK. Mr Carney had been due to step down on 31 January but has now agreed to stay on until 15 March in order to provide for a smooth transition. Andrew Bailey is set to take over from Mark Carney in February after he steps down following six-and-a-half years in the job. Andrew Bailey's brush with animal spirits, Call for Bank of England executive to quit over security breach, Bank of England keeps interest rates on hold, Nations impose UK travel bans over new variant. He will become the 121st governor of the Bank of England on 16 March, taking over from Mark Carney, and will serve a … .css-14iz86j-BoldText{font-weight:bold;}Andrew Bailey has been appointed as the next governor of the Bank of England. I said: 'Yes, I can do that'.". In the House of Commons Ed Balls was quick to congratulate Chancellor George Osborne on his choice, and on the evening TV news both former Chancellor Alistair Darling and self-styled monetary maverick David Blanchflower were of the same opinion. Mr Bailey has spent almost the entirety of his career at the Bank of England, which he joined in 1985. Andrew Bailey, the head of the Financial Conduct Authority, has been appointed as the next governor of the Bank of England. WHO APPOINTS THE GOVERNOR OF THE BANK OF ENGLAND? 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