Tracey McDermott ruled out of FCA top job

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Tracey McDermott has ruled herself out of replacing Martin Wheatley as the head of the FCA, Chancellor George Osborne has revealed.

McDermott is running the FCA as interim chief executive at the moment while a new chief is sought. But speaking on Radio 4, Osborne said that she did not want the job full time.

He said: “We have a very effective interim leader in Tracey McDermott who has been doing a good job but she doesn’t want the job full time.

“Martin Wheatley did a good job setting up the organisation but I think it needs new leadership…to take it into its more mature stage where it has been established. We’re looking now for the very best candidate.”

McDermott was tipped as the front runner in the race to replace Wheatley in the Sunday Times this weekend. But the FCA says she withdrew from the running for the job in December.

In a statement issued following Osborne’s announcement, McDermott says: “I have been at the FSA/FCA for 15 years and I remain extremely committed to, and passionate about, the important work we do. It has been, and remains, a privilege to lead this organisation.

“However, going through the recruitment process has made me reflect on what I want to do with the rest of my career. As a result I have decided that this is not the right job for me at this stage of my career.

“This was a decision taken after many months of careful thought and was not one that I took lightly.”

Other potential candidates are rumoured to include Australian Securities and Investments Commission chairman Greg Medcraft and Swiss Financial Markets and Supervision Authority chief executive Mark Branson.

Treasury director general of financial services Charles Roxburgh has also been linked with the role.