McDermott given permanent FSA directorship
Tracey McDermott, acting director of the FSA’s enforcement and financial crime division, has been confirmed in the role.
Martin Wheatley, managing director, said this permanent appointment follows the “impressive work” Ms McDermott has led on credible deterrence and tacking financial crime.
The appointment is effective from today.
Joining the FSA in 2001 as an associate in enforcement, Ms Wheatley developed her expertise and extensive knowledge of enforcement in manager and head of department positions within the division.
He said she has also gained valuable experience in European and international jurisdictions, working in the US, Brussels and Australia, and has worked as a solicitor in private practice.
So far, the enforcement division has secured more than £200m in redress for consumers, and contacted more than 76,000 people the FSA identified as targets for share fraudsters.
Mr Wheatley said: “Ms McDermott 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.”
He said there were other successes as a result of EFCD’s work. He highlighted that, in the past 16 months while the Division has been led by Ms McDermott, the FSA saw the first high court injunctions to restrain market abuse, and secured a further 10 convictions for insider dealing.
It also imposed its largest retail fine to date, and its biggest ever fine on an institution, namely the £290m penalty on Barclays for attempting to manipulate the figure.
Mr Wheatley is leading a review on Libor, which is due to report on Friday 10th August (tomorrow).
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