Tracey McDermott, acting chief executive of the Financial Conduct Authority (FCA) is to leave the regulator on 1 July 2016, the same day Andrew Bailey is due to become permanent chief executive.

McDermott has been acting chief executive at the FCA since September 2015, when Martin Wheatley stepped down from the role after UK chancellor George Osborne revealed to Wheatley his contract wouldn’t be renewed.

Osborne was also the first to break the news that McDermott would not become the permanent chief executive of the FCA, telling the BBC Today programme: "There is a very effective interim leader in Tracey McDermott, who has been doing a very good job. She doesn’t want the job full time," in January.

McDermott later confirmed Osborne’s words in a statement.

Despite being in charge of the FCA for less than a year, McDermott’s time in the position has been eventful. In February the FCA just about survived a vote of no confidence in parliament, despite being described as neutered, while she also appeared before MPs to explain the decision to discontinue a review on banking culture past an initial phase which was completed at the end of 2015.

Before taking over the FCA, McDermott was director of supervision – investment, wholesale and specialists.

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Commenting on Tracey’s decision, John Griffith Jones, chairman of the FCA said: "Tracey has done a terrific job leading the FCA over the last seven months, building on the enormous contribution she has made in her various roles over the previous fifteen years. Transitions are always challenging and her energy and clarity of purpose have been invaluable in steering the organisation in the right direction. I know she will continue to lead the FCA with the same commitment until Andrew Bailey arrives in July and I and the Board are grateful for her unstinting support."