Tracey McDermott: City watchdog ‘not delighted’ at how George Osborne announced her exit
Tracey McDermott has been at the City watchdog for the past 15 years
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Your support makes all the difference.The acting chief executive of the City watchdog admitted she was angry with the Chancellor earlier this month when he accidentally blurted out in a radio interview that she had ruled herself out of taking the position on a permanent basis.
George Osborne told BBC Radio 4’s Today programme that Tracey McDermott, boss of the Financial Conduct Authority (FCA), had removed herself from the list of candidates. “It [the announcement] rather threw the day’s plans. I wasn’t exactly delighted about it, but these things happen,” Ms McDermott told MPs on the Treasury Select Comittee. “I was not listening to the interview, but I heard about it pretty quickly afterwards.”
John Griffith-Jones, the FCA’s chairman, said that he was in his dentist’s chair when he heard the 8am interview: “I’ve never got out of it so quickly.”
The FCA is searching for a successor to its former boss, Martin Wheatley, after Mr Osborne decided not to review his contract last July.
Ms McDermott said she formally withdraw from the application on 9 December after informing Mr Griffith-Jones a week earlier.
Mr Osborne told the BBC: “[The FCA] needs new leadership to take it into its more mature phase. We are looking for the best candidate. To be fair, there’s a very effective interim leader in Tracey McDermott, but she doesn’t want the job full-time.”
Mr Osborne, who will have the final say on the appointment, is reported to have sounded out Greg Medcraft, chairman of the Australian Securities and Investments Commission, about taking on the job.
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