Belfast Telegraph

Financial Conduct Authority acting boss Tracey McDermott to step down on July 1

The acting chief executive of the Financial Conduct Authority (FCA) is to step down later this year.

Tracey McDermott said she will leave the City watchdog on July 1 when Andrew Bailey begins his role as chief executive of the FCA.

Ms McDermott said in January she would withdraw from the process of finding a new head of the regulator, but would remain in her role until a new boss was in place.

The announcement comes after Chancellor George Osborne announced last week that he had appointed Sam Woods as the deputy governor in charge of prudential regulation at the Bank of England.

The chairman of the FCA, John Griffith-Jones, said Ms McDermott has done a "terrific job" leading the FCA over the past seven months.

He added: " 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."

Ms McDermott became acting head of the FCA in September 2015 after the Chancellor ousted Martin Wheatley because he said "different leadership" was needed to take the regulator forward.

She was previously director of supervision and authorisations, and joined the FCA's predecessor the Financial Services Authority (FSA) in 2001.

Mr Bailey's appointment at the FCA was announced at the end of January, bringing to an end his 30-year tenure at the Bank of England.

He became head of the Bank's Prudential Regulation Authority in April 2013, and has overall responsibility for the prudential regulation and supervision of around 1,700 UK banks, building societies and other financial services firms.

In the wake of the 2008 financial crisis he oversaw the introduction of tighter rules on how much capital banks should hold against their loans in a bid to make them more stable.

He also played a key role in introducing tighter restrictions on bankers' pay and beefed up banking stress tests, which assess the financial strength of lenders.

Mr Bailey first joined the Bank of England in 1985 and has held a number of its most senior roles including chief cashier, private secretary to the governor and head of the Bank's special resolution unit.