TRACEY McDERMOTT, acting chief executive of the Financial Conduct Authority, has emerged as frontrunner to take the top job at the City regulator. The appointment of a new FCA chief executive is expected to be announced in the coming weeks — just as the watchdog comes under fire for scrapping a key review into bank culture. McDermott took the reins of the FCA in September after chief executive Martin Wheatley was pushed out by chancellor George Osborne. “Tracey has proven to be a really strong regulator,” said the chief executive of one British lender. “It’s clear she has been briefed by the Treasury to take a more collaborative approach with the banks.”
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