FCA appoints supervision chief to replace McDermott

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The FCA has appointed Megan Butler to replace Tracey McDermott’s role as director of supervision for investment, wholesale and specialists.

Butler comes from the Prudential Regulation Authority, where she was executive director of international banks directorate.

She was understood to be a key figure in the decision for the regulator to drop its inquiry into banking culture in January.

She has been on secondment acting in the role at the FCA since McDermott became acting chief executive of the regulator last year, following Martin Wheatley’s departure.

Tracey McDermott, acting chief executive at the FCA, says: “I am delighted that Megan has decided to stay at the FCA. She is an extremely experienced regulator with an excellent reputation in wholesale markets and has established herself as a key member of the FCA’s executive team over the past nine months.”

Butler says: “There is a huge amount of interesting, challenging and important work to do and I am excited about the opportunity to continue to shape financial services for the better. Having been here for nine months already, I know I’m leading a talented team.”

McDermott had been tipped to replace Wheatley in the top job, but announced in January she was pulling out of the race for the chief executive position.

McDermott announced last month that she is leaving the FCA at the start of July, with new chief executive Andrew Bailey taking the reins at the regulator from then.

Butler was previously as the FSA, where she was head of enforcement for law and policy and previously was chief counsel for markets. She joined the Bank of England in April 2013.

Butler has also been previously worked as head of capital markets at the London Stock Exchange.