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FCA’s Tracey McDermott named in Queen’s honours list

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FCA acting chief executive Tracey McDermott has been named in the Queen’s honours list.

McDermott has received a CBE in the honours list for the Queen’s 90th birthday celebrations, for services to financial services consumers and markets.

She is joined by Phillip Monks, the chief executive of challenger Aldermore, who received an OBE in the list.

David John Whiting, tax director at the Office of Tax Simplification, also received a CBE for services to tax simplification.

McDermott had been widely tipped to be appointed FCA chief executive on a permanent basis, following former head Martin Wheatley’s departure.

However, she announced at the start of the year that she was withdrawing from the chief executive appointment process, and will now stand down from the regulator when new chief executive Andrew Bailey joins next month.


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There are 8 comments at the moment, we would love to hear your opinion too.

  1. Nothing personal against Ms McDermott but why is it that it seems all Chief Execs of the FCA and it’s previous incarnations are given honours? Is it automatic? If so why? The FCA is an incompetent regulator on so many levels. So why award honours to the Chief Executive?

  2. Historically I think civil servants (or quasi civil servants) were rewarded with honours in part to make up for their generally lower remuneration. Times have changed however, and I’m not sure that rationale holds much water these days, with private sector pay under continual pressure (mostly from the executives to whom eye-watering rewards seem to accrue) but also from the semi-privatisation of the civil service with the same lop-sided remuneration strategies being adopted.

    Mind you, the honours system has never been known for satisfying all of the people all of the time.

  3. When I’m accused of undue pessimism and suffer reprimands for seemingly negative commentary I often wonder whether the critics have a point . . . until this type of thing restores my faith in myself.

  4. Well, if Sants can get one…

  5. The honours system is a dodgy shambles.

  6. Never mind Sants – what about Philip Green

  7. just goes to show the honours list awards are pointless as they are devalued down to nothing more than gold star next to a 6 year old’s maths test.

    Unbelievable, and a real insult !

  8. Julian Stevens 13th June 2016 at 5:05 pm

    Talking of openness and transparency, Trace, we’re still awaiting from you an explanation as to why you suddenly pulled out of the running to succeed Martin Wheatley before Andrew Bailey was swiftly parachuted in without so much as an interview, followed shortly thereafter by your resignation. Still, you got a consolation prize.

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