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Acting CEO to leave FCA in July
13th April 2016
Tracey McDermott to leave FCA
The FCA’s acting Chief Executive, Tracey McDermott, has today announced that she will be leaving the Financial Conduct Authority on the 1st July 2016.
Ms McDermott’s date of departure coincides with when Andrew Bailey, current CEO of the Prudential Regulation Authority, will take control of the FCA.
Ms McDermott has been in the role of Acting Chief Executive of the FCA ever since Martin Wheatley left in September 2015. Whilst it was announced in January that Ms McDermott had ruled herself out of the running for taking control of the City Watchdog on a permanent basis it had not been confirmed what would be happen once someone had been found to take on the top job
A Regulatory Career
Ms McDermott joined the FCA’s predecessor, the FSA, in 2001 and has spent her time at the regulator leading its enforcement division both before and after the 2008 financial crisis.
With her previous roles within the FCA having been filled last year – (the FCA appointed Barbara Frohn as the Director of Risk and Compliance Oversight, Mark Steward as Director of Enforcement and Market Oversight and Jonathan Davidson as the new Director of Supervision: Retail and Authorisations) – Ms McDermott’s future within the authority had been speculated upon ever since Mr Bailey’s appointment was announced on 26th January 2016.
Mr Bailey’s replacement at the PRA was announced last week as Sam Woods, current Head of Insurance.
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“Tracey has done a terrific job leading the FCA over the last 7 months, building on the enormous contribution she has made in her various roles over the previous 15 years. Transitions are always challenging and her energy and clarity of purpose have been invaluable in steering the organisation in the right direction. I know she will continue to lead the FCA with the same commitment until Andrew Bailey arrives in July and I and the Board are grateful for her unstinting support.”
John Griffith-Jones, Chairman of the FCA, April 2016