McDermott confirms date she leaves UK financial regulator

Tracey McdermottThe Financial Conduct Authority has confirmed that acting chief executive Tracy McDermott will be leaving the industry regulator at the beginning of July.

McDermott became the acting chief executive in September last year. She has previously been director of supervision and authorisations and prior to that director of enforcement and financial crime, joining the FCA in 2001.

Her replacement will be Andrew Bailey, the current chief executive of the Prudential Regulation Authority. He announced that he will be filling the role in January but it is now confirmed that He will take up the permanent position of chief executive of the FCA on July 1.

McDermott had announced in January this year that she had no intention of applying to be the permanent chief executive of the FCA but would continue as acting chief executive until a permanent replacement was in post.

“Transitions are always challenging and her energy and clarity of purpose have been invaluable in steering the organisation in the right direction,” said John Griffith-Jones, chairman of the FCA.

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