The Financial Conduct Authority (FCA) has appointed a new director of supervision to replace Tracey McDermott who will step up to acting CEO in September.
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...
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