Financial Conduct Authority’s (FCA) acting CEO Tracey McDermott will leave the organization when its new chief executive, Andrew Bailey, takes over on 1 July 2016.
McDermott was named acting CEO of FCA in last September after the departure of Martin Wheatley.
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In January, she announced her decision to withdraw from the running for the job of permanent CEO, but agreed to continue as acting head until a permanent replacement takes over.
McDermott previously served as director of supervision and authorisations and director of enforcement and financial crime. She joined the FCA’s predecessor Financial Services Authority in 2001.
FCA chairman John Griffith Jones 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."
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