McDermott (pictured) announced her withdrawal from the race to become chief executive of the FCA earlier this year, but agreed to continue as acting head until a permanent replacement was found. It has not been confirmed what McDermott’s next move is.
Andrew Bailey, chief executive at the Prudential Regulation Authority (PRA) and deputy governor of prudential regulation at the Bank of England, was named CEO of the FCA in late January. Bailey will begin the role in late June.
He will be replaced by Sam Woods, executive director of insurance at the Bank, who will take over from 1 July.
McDermott took up the post of acting chief executive in September last year, following the resignation of Martin Wheatley, who left after Chancellor George Osborne failed to renew his board membership.
McDermott previously worked as director of supervision and authorisations after holding the role as director of enforcement and financial crime. She joined the FCA’s predecessor the Financial Services Authority (FSA) in 2001.
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 fifteen years.
“Transitions are always challenging and her energy and clarity of purpose have been invaluable in steering the organisation in the right direction.”
