Andrew Bailey’s apology was necessary – and while his Bank of England role appears safe, there are no guarantees
Governors of the Bank of England do not apologise often, even for events that took place in their last job, but the London Capital & Finance scandal is shocking. It is probably the worst case of financial regulatory failure since the banking crisis more than a decade ago.
And it happened on the watch of Andrew Bailey, the chief executive of the Financial Conduct Authority from 2016 until March this year, when he switched to Threadneedle Street. Yes, Thursday’s personal apology was necessary.
