FCA hires supervision director to replace Tracey McDermott

Megan Butler, currently an executive director at the Prudential Regulation Authority (PRA), will be joining the FCA on a one-year secondment from September. McDermott will take over from ousted chief executive Martin Wheatley on 12 September while the search for a new leader takes place. Wheatley's departure from the FCA was announced on 17 July, it later emerged he had been sacked by Chancellor George Osborne. The Chancellor wanted a "different leadership" at the helm of the watchdog from March next year when Wheatley's contract expired, he said in a statement. Related readin...