FCA’s Bailey to replace McDermott in July

Acting FCA chief executive Tracey McDermott will leave the regulator on 1 July and permanent replacement Andrew Bailey will take up the role.

McDermott announced that she wouldn’t be staying on at the regulator on 7 January while Bailey was unveiled as her successor on 26 January.

John Griffith Jones, chairman of the FCA, 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 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.”

McDermott has been acting chief executive since September 2015 after the last permanent chief executive Martin Wheatley, who famously said the regulator would “shoot first, and ask questions later”, was ousted from the job by Chancellor George Osborne.

Bailey has been chief executive of the Prudential Regulation Authority since 1 April 2013, while he will be replaced by the PRA’s executive director of insurance Sam Woods in July.

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