The FCA says Tracey McDermott won't share confidential information in new Standard Chartered role

 
Courtney Goldsmith
Follow Courtney
McDermott worked at the UK's financial watchdog in a number of senior roles
McDermott worked at the UK's financial watchdog in a number of senior roles

Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), today said Tracey McDermott will not share insider information with Standard Chartered from her time at the FCA.

Yesterday, McDermott, former acting chief executive of the FCA, said she would join Standard Chartered (SCB) as group head of corporate, public and regulatory affairs effective 20 March.

In a letter to Bill Winters, the boss of Standard Chartered, Bailey today said the FCA has discussed the "potential risk" that the insights and information McDermott gained in her roles at financial watchdog will benefit Standard Chartered ahead of other banks.

"We agreed Tracey will not share with SCB confidential information that she received or obtained from her work at the FCA," Bailey said.

He added she will not appear before the FCA or participate in decision-making matters in which she had involvement at the FCA or where the watchdog has taken or will take regulatory action against Standard Chartered.

"By regulatory action, I include any instances in which the FCA has commenced or commences investigations or uses statutory powers to obtain information against SCB," he said.

Read more: Are regulators getting soft? FCA fines fall 97 per cent

McDermott worked as acting head of the FCA from September 2015 to June 2016, and prior to that she held a number of senior roles, including director of enforcement and director of supervision.

Yesterday, she said: "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."

In her new role, Standard Chartered said she will work to build the group's regulatory relationships and manage reputational risks.

Read more: Former watchdog Tracey McDermott will join Standard Chartered

Related articles