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Ex-FCA chief McDermott takes bank lobbying role

Ex-FCA chief McDermott takes bank lobbying role

Former Financial Conduct Authority (FCA) interim chief executive Tracy McDermott has taken up a role at a City lobbying group, adding to her existing role at bank Standard Chartered.

McDermott (pictured) took the reins at the FCA after Martin Wheatley’s contract was not renewed by then chancellor George Osborne in 2015.  During her tenure the FCA came under fire for quietly dropping a review in to banking culture.

McDermott was not given the top job permanently, with that role handed to Andrew Bailey, and in January she joined a bank, Standard Chartered.

She is now due to take up a seat on the board of UK Finance, a new lobbying group that is being launched today, according to The Times.

The 20 strong board will also include Peter Smith, co-founder of Blockchain. It is the result of the merger of six organisations, including the British Bankers’ Association.

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