Tracey McDermott has quit the FCA

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The Financial Conduct Authority (FCA) has announced Tracey McDermott, its acting chief executive, will leave at the beginning of July.

In a statement today it said McDermott, who was appointed as acting chief exec in September, will leave when Andrew Bailey takes up the full-time role later this year.

In December last year McDermott pulled out of the running for the full-time role, saying it was "not the right job for me at this stage of my career".

John Griffith Jones, the FCA's chairman, said: “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 fifteen 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.”

Tracey McDermott at the FCA
  • 2001: McDermott joins the Financial Services Authority (FSA), six years after qualifying as a solicitor
  • 2012: After a year as acting head of enforcement, she is confirmed in the role in April 2012
  • 2013: McDermott moves to lead enforcement at the FCA as the FSA is divided into two arms - the FCA and the Prudential Regulation Authority
  • 2015: McDermott is promoted to acting chief executive of the FCA after the shock departure of Martin Wheatley - before pulling out of the race for the permanent role, saying the job is "not right for me at this stage of my career"
  • 2016: After her decision to abandon a review of banking culture, McDermott is accused by MPs on the public accounts committee of "washing her hands" of bankers' behaviour

Full story: Tracey McDermott has quit the FCA: City A.M.

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