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Tracey McDermott tipped to be new FCA boss

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Acting FCA chief executive Tracey McDermott is a leading candidate to replace Martin Wheatley at the regulator’s helm, according to the Sunday Times.

McDermott took on the role following Wheatley’s departure in September, and an appointment is expected in the coming weeks.

However, the Sunday Times reports that McDermott has already impressed City businesses having been briefed to take on a more collaborative approach with banks.

The chief executive of one British lender told the paper: “Tracey has proven to be a really strong regulator,”

If she wins the role, McDermott will have defeated a lengthy group of candidates, with a shortlist reportedly including Australian Securities and Investments Commission chairman Greg Medcraft and Swiss Financial Markets and Supervision Authority chief executive Mark Branson.

Treasury director general of financial services Charles Roxburgh has also been linked with the role.

Roxburgh and McDermott are currently jointly leading the Financial Advice Market Review, which is due to report ahead of the March Budget.

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