Former interim chief executive of the Financial Conduct Authority (FCA) Tracey McDermott is to join bank Standard Chartered, according to various media reports.
According to these reports, she will join the bank as head of corporate, public and regulatory affairs on 20 March.
She is being quoted as saying: “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.”
McDermott led the regulator following her predecessor, Martin Wheatley, decided to resign after the then chancellor of the exchequer George Osbourne told him his contract wouldn’t be renewed. McDermott decided against pushing to make her position permanent at the start of 2016, and eventually left the FCA in July that year.
According to the reports, she will report directly to Standard Chartered’s chief executive Bill Winters, as the bank looks to tighten its compliance and controls.