Mark Gilbert , Columnist

Will Woodford Debacle Decide Carney's Replacement?

Andrew Bailey's chances of becoming the next governor of the Bank of England are taking a battering.

June 12, 2019 at 9:48 AM UTC

Mark Gilbert is a Bloomberg Opinion columnist covering asset management. A former London bureau chief for Bloomberg News, he is author of “Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable.”

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The race to succeed Mark Carney as governor of the Bank of England has already taken one twist, with Theresa May’s resignation making it likely that the current Chancellor of the Exchequer won’t be in office to make the appointment. The downfall of fund manager Neil Woodford has cast a shadow over the leading candidate’s chances of landing the prestigious job.

Andrew Bailey has been the head of the Financial Conduct Authority for almost three years. The regulator’s role in the chain of events that led to Woodford freezing redemptions from his flagship fund last week is being questioned by Nicky Morgan, the U.K. lawmaker who chairs Parliament’s Treasury Committee.