Tracey McDermott, acting chief executive of the Financial Conduct Authority (FCA), has today announced that she is to leave the organisation on July 1.
The announcement comes days after McDermott made one of her final major speeches as acting chief executive, at Credit Today’s Credit Summit last week in London.
On January 7 McDermott announced that she decided in early December 2015 to withdraw from the process to appoint the permanent chief executive of the FCA, but would continue as acting chief executive until a permanent replacement was in post.
Andrew Bailey was appointed as the new chief executive on January 26 and is due to take up the position on July 1.
McDermott became the acting chief executive in September 2015. She has previously been director of supervision and authorisations and prior to that, director of enforcement and financial crime. She joined the FCA’s predecessor the Financial Services Authority (FSA) in 2001.
Commenting on her decision, John Griffith Jones, chairman of the FCA 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 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.”