The FSA has confirmed that Tracey McDermott, the FSA’s acting head of enforcement, will become the permanent director of enforcement and financial crime.
McDermott joined the FSA as an associate in enforcement 2001, and has been acting as director since April 2011. During her time as acting head of enforcement, she has secured 10 convictions for insider dealing and imposed the largest FSA fine to date of £59.5 million on Barclays Bank plc for attempting to manipulate the LIBOR rate.
The FSA will divide into the Prudential Regulation Authority and the Financial Conduct Authority in 2013. McDermott’s role will transfer over to the Financial Conduct Authority.