Former Ofcom chief executive Ed Richards, who was widely tipped as a preferred candidate to lead the FCA, has ruled himself out of the running for the role.
It comes after FCA interim chief executive Tracey McDermott decided she did not want the FCA top job earlier this month.
The Telegraph reports several banking executives had earmarked Richards as someone who would be well-placed to succeed Martin Wheatley, who was ousted from the helm of the regulator last year.
But sources have told the newspaper Richards is not interested in the job and has ruled himself out of the application process.
Richards is familiar with the banking sector, having led a review last year into whether a mega-merger of trade bodies that would bring together organisations such as the Council of Mortgage Lenders and the British Bankers’ Association should be carried out.
Other names in the frame for the FCA chief executive role include Australian regulator Greg Medcraft, Swiss regulator Mark Branson, the Bank of England’s Andy Haldane and Treasury manadarin Sir Nicholas Macpherson.