Tracey McDermott to leave FCA in July

Tracey McDermott, acting chief executive of the Financial Conduct Authority, will leave the organisation on 1 July when Andrew Bailey takes up the role.

McDermott – who took over when Martin Wheatley resigned last September – had initially applied for the full time job but withdrew from the recruitment process in December saying she would continue in the role of acting chief exec until a permanent replacement took on the job.

She said in January that after months of careful thought, she had decided the permanent role was not the right job for her at this stage of her career.

“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,” she said at the time.

Chairman John Griffith Jones said on Wednesday: “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.”