McDermott declines to run FCA

Sarah Davidson

January 7, 2016

The Financial Conduct Authority had confirmed that acting chief executive Tracey McDermott has withdrawn her application to become permanent chief executive of the FCA.

In a statement from the regulator a spokesman confirmed the Treasury-led recruitment process is ongoing and McDermott will continue as acting chief executive until a permanent replacement is in post.

McDermott said: “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 added: “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 past 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 I and will continue to work together with her until the new chief executive is in post.”

Earlier this week leaks had suggested McDermott would accept the role following the resignation of former chief executive Martin Wheatley who left the regulator in July 2015 following pressure from Osborne.

Speaking this morning on Radio 4’s Today Programme George Osborne said his department continues to look for the “very best candidate”.

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