Former FCA chief joins Standard Chartered

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Former FCA chief joins Standard Chartered

Standard Chartered has appointed former acting chief executive of the Financial Conduct Authority (FCA) Tracey McDermott as group head of corporate, public and regulatory affairs.  

She will report to Bill Winters, group chief executive, and will join Standard Chartered’s global management team.

Ms McDermott was acting chief executive of the FCA from September 2015 until June 2016.  

She was widely expected to be named as chief executive of the FCA but in early December 2015 she decided to withdraw from the process to appoint the permanent chief executive.

Andrew Bailey was appointed as the new chief executive in January 2016 and Ms McDermott left the regulator when he took up the post in July 2016.

Often under fire and outspoken, Ms McDermott is a trained lawyer and spent much of her time at the regulator leading its enforcement division before and after the 2008 financial crisis, helping to bring action against a wave a high-profile financial companies.

From this background, Ms McDermott refused to pull any punches in addressing with what she felt were the parts of the industry dealing in consumer detriment.

In her new role, she will be responsible for Standard Chartered’s global public affairs, sustainability and communications operations. 

Steve Atkinson, currently group head of corporate affairs, will take up a new role as Mr Winters’ chief of staff.

Mr. Winters said: “Tracey has played a critical role in shaping and changing behaviours in the UK financial sector.

"Her strong leadership skills, together with a combined experience of bank supervision, regulation and policy development is outstanding, and she will play a critical role in further enhancing our relationships with regulators and policy makers. Tracey is a great addition to our management team.”

Ms McDermott said: "Standard Chartered operates in some of the most exciting and dynamic markets in the world. The opportunity to join the bank at this critical point in its history, and in a time of global change, is one which was too good to miss.

"I am looking forward to working with Bill and the team to help continue the group’s transformation."

She will take up her post on 20 March and will be based in London.