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

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

In an internal email sent to FSA staff last week, Financial Conduct Authority chief executive designate Martin 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 more than 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.”

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