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FSA appoints Tracey McDermott as head of enforcement

Tracey McDermott FSA portrait

The FSA has appointed Tracey McDermott as director of enforcement and financial crime on a permanent basis.

McDermott (pictured) took on the role on an interim basis in April 2011 after the previous head of enforcement Margaret Cole moved to temporarily head up the regulator’s conduct business unit. Cole left the FSA in March this year to join PricewaterhouseCoopers as a senior legal adviser.

In an internal email sent to FSA staff this morning, Financial Conduct Authority chief executive designate Martin Wheatley confirmed McDermott’s appointment, which is effective from today.

In the email Wheatley says: “This permanent appointment follows the impressive work Tracey has led on credible deterrence and tackling financial crime.

“This has included securing over £200m in redress for consumers, and proactively contacting over 76,000 people we identified as targets for share fraudsters. Tracey has also overseen work to freeze £27m of fraudsters’ assets to distribute back to victims.

“These examples highlight the impact we can make, and the enforcement and financial crime division will continue to play a lead role in shaping how we protect consumers and the integrity of the markets we regulate.”

McDermott says: “It has been a privilege to lead the division over the past 16 months and I am immensely proud of what we have achieved in that period. The commitment and dedication of staff is a constant inspiration to me and I am delighted to have the opportunity to take this team forward into the future.”

McDermott joined the FSA in 2001 as an associate in the FSA’s enforcement division. She has also worked as a solicitor in private practice.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Again we see the incestuous relationships within the FSA, this is not good for the present or the future, just more evidence of the internal musical chairs that will result in the same old mistakes over and over again.

    I wonder if this position was open to outside applicants or indeed if it was any were shortlisted ?

    The whole thing stinks as im sure does the board room at the FSA with all these snouts in the trough !!!

  2. Another notch on the CV. How long will it be before one of the banks accountancy firms double her salary and enticing away from the FSA.

    Notice in the press release didn’t state how much you will be receiving of our money.

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