Tracey Elizabeth McDermott was the acting

chief executive A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

of Britain's

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

(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 regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985 ...

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 Kingdom of England, English Government's banker and debt manager, and still one ...

. 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

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

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 British multinational bank with operations in wealth management, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in th ...

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 valuable service in a wide range of useful activities. It comprises five classes of awards across both civil and military divisions, the most senior two 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 Queen Mary University of London (QMUL, or informally QM, and formerly Queen Mary and Westfield College) is a public university, public research university in Mile End, East London, England. It is a member institution of the federal University ...

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 Financial Conduct Authority people Alumni of Queen Mary University of London