Financial Conduct Authority's Tracey McDermott to leave

Tracey McDermott is to leave the UK regulator seven months after she withdrew from the race to become permanent chief executive of the Financial Conduct Authority.

The Financial Conduct Authority’s acting chief executive is to leave the UK regulator at the beginning of July, it was confirmed today.

Tracey McDermott will leave the company on 1 July, seven months after she announced she had withdrawn her application to become permanent chief executive.

Andrew Bailey was appointed as the new chief executive on 26 January 2016 and will take up the position on the day that McDermott leaves.

Bailey is the chief executive of the Bank of England’s Prudential Regulation Authority.

In a statement announcing the change, John Griffith-Jones, chairman of the FCA said McDermott had done a “terrific job” leading the FCA over the last seven months.

He said: “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.”

Despite McDermott‘s “enormous contribution” in various roles over the previous fifteen years at the regulator, HM Treasury opted to hand Andrew Bailey the top job.

In an earlier statement, Griffith-Jones said Bailey would bring “unrivalled regulatory experience“ to the role.

McDermott was previously director of Supervision and Authorisations and director of Enforcement and Financial Crime.