Former FCA boss to join Standard Chartered

The former acting chief executive of the UK’s financial watchdog, the Financial Conduct Authority (FCA) is to join Standard Chartered to build relationships with regulators and policy makers.

Tracey McDermott will join Standard Chartered as group head of corporate, public and regulatory affairs effective 20 March will report to group chief executive Bill Winters and will join Standard Chartered’s global management team.

“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 said.

McDermott worked as acting head of the FCA from September 2015 to June 2016, but she left after failing to secure the top job permanently.

In her new role, McDermott will work closely with Winters and group chairman Jose Vinals to strengthen the group’s regulatory relationships, and she will work with group chief risk officer Mark Smith to manage the reputational risks.

Winters said she has played a “critical” role in shaping and changing behaviours in the UK financial sector.

“Her strong leadership skills, together with a combined experience of bank supervision, regulation and policy development is outstanding, and she will play a critical role in further enhancing our relationships with regulators and policy makers,” he added.

McDermott will be responsible for the London-listed bank’s global public affairs, sustainability and communications operations.