Wyggeston Boys School Leicester, 1970-77 Queens’ College Cambridge, 1978-1984

BA History, 1st Class Honours, 1978-81 (MA, 1985) PhD, Economic History, 1981-84


London School of Economics Research Officer, 1984-85




Bank of England, 1985-2016

International Capital Markets Team, 1985-1988

Secondment to the International Financial Markets Team of the Federal Reserve Bank of New York, 1987

Developing Country Debt Team, Group Leader, 1988-1989

Banking Supervision Policy Team, 1989-1993 (Group Leader 1990-93) Banking Supervision, IT Manager, 1993-94

Senior Manager, Banking Department, Policy, Risk and Special Operations, 1994-1996 Governor’s Private Secretary, 1996-1999

International Economic Analysis, Monetary Analysis, Head of Division, 1999-2003 Chief Cashier and Executive Director Banking, 2004-2011

Head of Resolution, 2007-2011

Executive Director, Prudential Supervision, 2011-2013: Head of the Prudential Business Unit of the FSA, 2011-2013

Chief Executive PRA/Deputy Governor, 2013-2016


Financial Conduct Authority

Chief Executive, 2016-Present


International Groups


Negotiating European Union Banking Supervision Directives, 1999-2003 Alternate Member EU Economic and Financial Committee, 1999-2003 Member, ECB Monetary Policy Committee, 1999-2003

Member, OECD Economic Policy Committee, 1999-2003 Led UK work on the Iraq currency exchange, 2003-2004

Member Financial Stability Board (FSB) Resolution Group, 2009-2011 Member Governors and Heads of Supervision Group, BIS, 2013-2016

Member European Banking Authority Board and Management Committee, 2011-2016 Member European Securities and Markets Authority Board, 2016-Present

Member IOSCO Board, 2016-Present

Co-chair FSB Official Sector Steering Group, Interest Rate Benchmarks, 2016-Present Member FSB Plenary, 2018-Present

Member FSB Standing Committee on Assessment of Vulnerabilities, 2018-Present Member FSB Standing Committee on Supervisory and Regulatory Cooperation


Domestic Groups


Member Governor’s Executive Committee/Team, Bank of England, 2004-2016 Member Financial Stability Board, Bank of England, 2006-2011

Member Interim Financial Policy Committee, Bank of England, 2012-2013 Member Financial Policy Committee, Bank of England, 2013-Present Member Court, Bank of England, 2013-2016

Member PRA Board/Prudential Regulation Committee, 2013-Present Member FCA Board, 2013-Present




"Does deliberation matter in FOMC monetary policymaking? The Volcker revolution of 1979", (with Cheryl Schonhardt-Bailey), Journal of Political Analysis, 16, 4 (2008): 404-424.


"Policy shaping politics: monetary policy deliberations in congressional hearings, 1976-2005", (with Cheryl Schonhardt-Bailey), Working Paper London School of Economics, (2008).


"Central bankers and big ideas: independence, credibility, uncertainty and measurement in FOMC transcripts", (with Cheryl Schonhardt-Bailey), Working Paper, London School of Economics, (2005).




"Capital flows and exchange rates", (with Stephen Millard and Simon Wells), Bank of England Quarterly Bulletin, Autumn 2001.


"Interest rate risk in trading activities" in Charles Stone and Anne Zissu (eds), Global Risk Based Capital Regulations (Irwin, 1992).




Visiting Lecturer, London School of Economics, 2000-Present Honorary Fellow, Queens’ College Cambridge, 2018

Honorary Doctorate, London Institute of Banking and Finance, 2017 Honorary Doctorate, Leicester University, 2018