UK regulator the Financial Conduct
Authority (FCA) has announced that Tracey McDermott, its acting chief
executive, has resigned. McDermott will leave the organisation on July 1 2016.
Her departure appears to have come as
somewhat of a surprise, and McDermott gave no hint of her departure when she
spoke at a Women in FX event in the City of London on Tuesday (April 12).
McDermott, who became acting CEO in
September 2015, withdrew from the application process to become the regulator’s
permanent chief executive in early December 2015; she agreed to continue as
acting CEO until a permanent replacement was in post.
In January, the
FCA announced that Andrew Bailey would get the job, starting on July 1, the same day that McDermott will now leave. Bailey has previously held
various senior level positions at the Bank of England and is currently the
Bank’s deputy governor for prudential regulation.
“Tracey has done a terrific job leading the
FCA over the last seven 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,” says FCA Chairman
John Griffith Jones.
Prior to being announced as the acting
chief executive of the FCA, McDermott had held positions as the director of
supervision and authorisations and the director of enforcement and financial
crime at the organisation. She joined the FCA’s predecessor, the Financial
Services Authority (FSA) in 2001.