LONDON (AP) — The British government has named Andrew Bailey, head of the U.K.’s finance watchdog, as the next governor of the Bank of England.

The appointment of Bailey, who currently heads the Financial Conduct Authority, was made Friday by British Treasury chief Sajid Javid.

Bailey will replace current governor Mark Carney on March 16.

The new governor’s main task will be making sure the bank can negotiate any choppy waters caused by Britain’s departure from the European Union.