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Ex-FCA chief joins banking lobbying group

Tracey McDermott to join UK Finance, the new trade body born out of the merger of seven existing trade bodies

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Former FCA acting chief executive Tracey McDermott is set to join the board of new financial services trade body UK Finance, the Times reports.

McDermott left the FCA last year after losing out on the top job to former Prudential Regulation Authority chief executive Andrew Bailey. In January she joined Standard Chartered.

UK Finance, which launches today, merges the Council of Mortgage Lenders, British Bankers Association, Payments UK, the UK Cards Association, Financial Fraud Action UK and the Asset Based Finance Association.

The UK Finance chief executive is Stephen Jones, former Santander UK chief financial officer.

The trade body merger was first suggested following an independent review in 2015 which resulted in a report called The Financial Services Trade Associations Review.

It suggested the move could deliver efficiency savings of £32.6m over 25 years.

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