Andrew Bailey will find a familiar face when he switches from the Bank of England to run the Financial Conduct Authority in just over a month's time, after a former senior member of his team at the Prudential Regulation Authority opted to turn her two-year secondment at the FCA into a permanent move.

The FCA, which since September 2015 has been led by acting chief executive Tracey McDermott and from July 1 will be led by current PRA head Bailey, said in a May 27 statement it had appointed Megan Butler as its permanent director of supervision for the investment, wholesale and specialists sector. Butler has held the role since July 2015 on secondment from the Bank of England.