Tracey McDermott, acting CEO of the Financial Conduct Authority, will leave the regulator in July.
Ms. McDermott, who was appointed acting CEO in September, while the FCA searched for a permanent replacement for Martin Wheatley, who resigned that month. She withdrew from the process to appoint a permanent CEO in December.
The FCA announced in January that Andrew Bailey had been appointed CEO, and he will take up the role July 1, for a five-year term. Mr. Bailey is currently deputy governor for prudential regulation at the Bank of England, and CEO of the Prudential Regulation Authority.
Ms. McDermott became director of supervision-investment, wholesale and specialist, in January 2015. Megan Butler joined the FCA in September temporarily from the PRA and replaced Ms. McDermott in that role. A spokeswoman for the FCA said Ms. Butler will remain in that role until September, and it will then be up to Mr. Bailey to decide on the approach the regulator takes on the replacement.
“(Ms. McDermott) 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,” said John Griffith-Jones, chairman of the FCA, in a statement on the regulator's website. “Transitions are always challenging, and her energy and clarity of purpose have been invaluable in steering the organization in the right direction.”
