Tracey McDermott quits the FCA

Tracey McDermott FCA 700x450.jpg

Tracey McDermott is to leave the FCA at the start of July, with new chief executive Andrew Bailey taking the reins at the regulator from then.

Since Martin Wheatley’s departure last summer, the FCA’s director of supervision and authorisations McDermott has been serving as interim chief executive.

However, she announced at the start of the year that she was withdrawing from the chief executive appointment process, hinting that she planned to leave the regulator.

Bailey, who will be replaced as chief executive of the PRA by Sam Woods, was appointed to succeed Wheatley on a permanent basis in January.

FCA chairman John Griffith Jones says: “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.”