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He was chief cashier at the Bank for ages (his signature is still on a lot of bank notes), and then Deputy. I think that more than qualifies him to be governor.
The FCA didn't do a fantastic job over RBS, but then their hands are slightly tied by the fact its a zombie bank. I disagree with the Woodford criticism.
There aren't many better people out there - Mark Carney has been a genuinely great governor and is well respected in the City - Bailey will probably keep a lower profile, but again, no bad thing in a central banker.
A much better, more interesting question might be - how do I get a job at the Bank of England when they don't pay anything near the market rate.