Acting FCA chief McDermott to leave in July

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Acting FCA chief executive Tracey McDermott is to depart the regulator in July, it has been announced.

PRA chief executive Andrew Bailey, who was appointed to succeed Martin Wheatley on a permanent basis in January, will take over the FCA following her departure.

Bailey will be replaced at the PRA by Sam Woods.

McDermott has been leading the regulator on an interim basis since Wheatley’s departure last Summer.

FCA chairman John Griffith Jones says: “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.”