McDermott rules herself out as permanent FCA head

Tracey McDermott FCAThe Financial Conduct Authority has confirmed that acting chief executive Tracey McDermott has ruled herself out of becoming the permanent head of the body.

A statement from the FCA today says McDermott decided in early December to withdraw from the process to appoint the permanent chief executive of the FCA.

The Treasury-led recruitment process is ongoing and McDermott will continue as acting chief executive until a permanent replacement is in post.

Last month media reports said the chief executive of Switzerland’s financial watchdog has been approached by the Treasury to fill the role. Other candidates are believed to be Greg Medcraft, chairman of the Australian Securities and Investments Commission and one other unnamed candidate.

McDermott says: “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.  As a result I have decided that this is not the right job for me at this stage of my career.  This was a decision taken after many months of careful thought and was not one that I took lightly. ”

FCA Chairman John Griffith-Jones says: “Tracey’s stewardship of the FCA as Acting Chief Executive has served to build on an impressive reputation created during her time leading various divisions across the FCA.  Over the last few months I have enjoyed working closely with Tracey and have appreciated both her advice and leadership of the organisation.  I understand and respect the decision Tracey has made.  The Board I and will continue to work together with her until the new chief executive is in post.”