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Andrew Bailey, the head of the Financial Conduct Authority, is set to be announced as the next governor of the Bank of England, it has been reported.

The Financial Times said the selection of Mr Bailey, former deputy governor of the Bank, could be announced by Chancellor Sajid Javid as early as Friday.

The next governor is due to start in early February, after incumbent Mark Carney steps down on January 31.

Mr Carney took up the post on July 1 2013 and extended his tenure twice.

Mark Carney became Bank governor in 2013 (Kirsty Wigglesworth/PA)

He said in 2016 that he would stay for an extra year after his tenure ended – until June 2018 – but was then persuaded by Mr Hammond to extend his term by another seven months to help ease disruption from Brexit at a critical time.

But the Canadian’s time at the helm has been marred over the past two years, with the governor and the Bank’s Monetary Policy Committee (MPC) coming under heavy criticism over their handling of communications surrounding Brexit.

In particular, the Bank’s doomsday scenario report on Brexit led to accusations of collusion with the Government and “implausible” forecasts.

In April, former MPC member David “Danny” Blanchflower told the PA news agency that Mr Carney was leaving a “poisoned chalice” for his successor, claiming the role had become too politicised.

The Treasury recruited a specialist headhunter to fill the £480,000-a-year post, with candidates expected to commit to at least eight years on the job.

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Other contenders included London School of Economics director Minouche Shafik, Santander UK chairwoman Shriti Vadera and former member of the US Federal Reserve’s board of governors Kevin Warsh.