Tracey Elizabeth McDermott was the acting

chief executive A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

of Britain's

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...

(FCA) from September 2015 until 1 July 2016.

Career

From 2001 she was employed at the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...

as director of supervision and authorisations and director of enforcement and financial crime. She became a board member in April 2013. She was a non-executive director of the Prudential Regulatory Authority from September 2015 to June 2016 and has also been a member of the Financial Policy Committee of the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...

. In January 2016 she robustly rejected widespread suggestions that a decision by the FCA (announced on 31 December 2015) to scrap an inquiry and report into possible causal links between financial incentives for bankers and the role of the British banks in the

financial crisis of 2007–08 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

was the result of government instructions or other related pressures on the operational entity for which she is accountable. In January 2017 McDermott joined

Standard Chartered Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 9 ...

as a group head with responsibility for corporate affairs & brand. From March 2018 she also had responsibility for compliance.

Awards

McDermott was appointed

Commander of the Order of the British Empire The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations, and public service outside the civil service. It was established o ...

(CBE) in the 2016 Birthday Honours for services to financial services consumers and markets. She is an honorary professor at Queen Mary University of London.

Personal life

McDermott studied at Queen Mary University of London School of Law. She trained in law, qualifying as a solicitor in 1995 and initially worked in private practice with law firms in the UK, USA and Brussels. She is married to a professor of Imperial College London, Spencer Sherwin, and they have two children.

References

{{DEFAULTSORT:McDermott, Tracey British chief executives Living people Year of birth missing (living people) Women chief executives Place of birth missing (living people) Commanders of the Order of the British Empire