Thursday, April 14, 2016

News: Financial crime chief exec to leave FCA


Rotherham-born Tracey McDermott, acting chief executive of the Financial Conduct Authority (FCA) has announced that she is to leave leave the post at the top of the organisation that keeps an eye on the country's financial sector.

The UK's financial regulatory body acts independently of the Government to protect consumers, keep the industry stable, and promote healthy competition between financial service providers. Changing from the Financial Services Authority (FSA) in the wake of the financial crisis, the Financial Services Act of 2012 set out a new system for regulating financial services in order to protect and improve the UK's economy. It tackles issues such as insider dealing and market abuse.

A former pupil at St Bernard's Catholic School in Rotherham, McDermott, has decided not to put her name forward for the permanent chief executive job having taken the temporary position in September 2015.

McDermott will leave the FCA, where she is also an executive board member, in July when Andrew Bailey joins as chief executive from the Bank of England. She has previously been director of supervision and authorisations and prior to that director of enforcement and financial crime. Tracey joined the FSA in 2001.


Tracey McDermott, acting chief executive of the FCA, said: "I have been at the FSA/FCA for 15 years and I remain extremely committed to, and passionate about, the important work we do. It has been, and remains, a privilege to lead this organisation. However, going through the recruitment process has made me reflect on what I want to do with the rest of my career. As a result I have decided that this is not the right job for me at this stage of my career. This was a decision taken after many months of careful thought and was not one that I took lightly."

John Griffith-Jones, chairman of the FCA, added: "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."

Griffith-Jones and McDermott have both faced grilling sessions in front of the Treasury Committee over enforcement action and the decision to drop an investigation into the culture of the City.

Tracey graduated in Law from Queen Mary and Westfield College, University of London and qualified as a solicitor in 1995. She specialised in commercial litigation, working for law firms in the UK, US and Brussels but did not want to follow the partnership route in private practice.

FCA website

Images: FCA


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