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Tracey McDermott ruled out of FCA top job

Tracey McDermott FCA 700x450.jpg

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.

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. Hahaha, Methinks I have seen this game played before !! (just once or twice) goes like this

    I don’t want the job or I want to resign

    But we want you to stay / take it
    Here is a Dame,Knighthood, or peerage plus a nice big salary to boot !

    Oh… OK then ……….

    I wonder if ……… this time the bluff works ?

  2. And that Mr Wheatley – set the whole thing up from scratch. Amazing.

  3. She may jut be brighter than the average bear- i wouldnt want the job either.

  4. Osborne should have had a replacement in place or at least a strategy prior to ousting Wheatly in the first place. Just shows Osborne for an egotistical short term thinker, can’t believe the sway this man has over our lives, I would almost prefer Trump shinning the light!

  5. It would be interesting to know just why she doesn’t want the job.

  6. @ D H
    Not often I disagree with your sentiments but I think Tracey McDermott is one who has got higher morals than that. Don’t be surprised if she may have already had an offer of better job in the private sector on the Q T for future employment when she wants to leave the regulator.
    She was very effective in her previous role and may go back to that for a while to see how the new boss gets to grips with FCA. I cannot see her staying at the FCA for too much longer because when the new boss comes in he/she will have to make some changes at the top and she has been in the regulator for a long time so to make a clean break from the old school I can see her been asked to leave (or resign as she wants to move on).

    • I agree Marty !! she will have all bases covered, I just saying (bit tongue in cheek) might as well have a side bet, and walk away with a gong of some sort, we know its been done many times before.

      As for her morals………. Go back to her “director of supervision” days at the FSA (knowing nothing has really changed since then) HBOS, HSBC, CO-OP let alone all the countless scams we are now paying for etc etc etc; she could’nt supervise a piss up in a pub,

      If she had any degree of morality she would have done/be doing her job not towing party line to get the best leap frog over to a new job !

      No sorry if she had any hint of morality she would/should have resigned……….Period !

  7. Roman Duzinkewycz 7th January 2016 at 4:35 pm

    George – I’ll do it now that Martin Wheatly set it up.

  8. In case you missed it, you can hear McDermott being interviewed by Paul Lewis on MoneyBox at http://www.bbc.co.uk/programmes/b006qjnv. Draw your own conclusions.

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