Tracey McDermott withdraws from race for FCA’s chief exec position

The UK Financial Conduct Authority (FCA) today issued a special statement, confirming that Acting Chief Executive Tracey McDermott has decided to leave the process to appoint the permanent Chief Executive of the FCA.

The Treasury-led recruitment process is still open, with Ms McDermott set to continue as Acting Chief Executive until a permanent replacement is in place.

She appears to have made up her mind regarding the role in December last year, thus leaving the question about the potential successor of Martin Wheatley open. Media reports have suggested Greg Medcraft, chairman of the Australian Securities and Investments Commission (ASIC), is amid the candidates. Other names that have surfaced as candidates for the top role include Andy Haldane and Minouche Shafik at the Bank of England, as well as Elizabeth Corley, the head of Allianz Global Investors.

FCA_logoMs McDermott commented on her decision:

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 commented:

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 and I will continue to work together with her until the new Chief Executive is in post.”

You can view the official FCA statement by clicking here.

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