Reshuffle at FCA leadership

Tracey McDermott, acting chief executive of the UK regulator Financial Conduct Authority (FCA) has announced that she is to leave the organisation as of July 2016.

Her position will be taken over by Andrew Bailey, who was appointed as the new Chief Executive on the 26 January and is due to take up the position in July.

MC Dermott 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 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” he adds.

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