FCA boss Martin Wheatley is to step down in September.
Tracey McDermott, who’s currently Director of Supervision – Investment, Wholesale and Specialist at the FCA, will be take over as Acting Chief Executive while a search for a permanent new boss takes place.
Dermott is said to have led the FCA dealings with banks who got caught in the recent Forex scandal.
Chancellor George Osborne said: “Martin Wheatley has done a brilliant job of launching the FCA in tough circumstances. Now that phase is complete, the government believes that different leadership is required to build on those foundations and take the organisation to the next stage of its development.”
Wheatley continues to act as an adviser to the FCA Board until January 31, 2016. He will focus on the implementation of the Fair and Effective Markets Review, which he co-chaired.
Chairman of the FCA John Griffith-Jones said: “Martin has done an outstanding job as Chief Executive setting up and leading the FCA over the last four years. We owe him a lot and I and my Board would like to thank him for his great efforts in setting up the organisation and for the contribution he has made to putting conduct so firmly at the top of the financial services agenda.
“We all wish Martin well and I am pleased that we will continue to benefit from his wisdom and expertise over the next few months.
“I am pleased that we are able to call on someone of Tracey’s ability and stature to take up the post of Acting Chief Executive. I am grateful to her for taking on this role and I know she will do a great job.”
Wheatley said: “I am incredibly proud of all we have achieved together in building the FCA over the last four years. I know that the organisation will build on that strong start and work so that the financial services industry continues to thrive.
The hunt for a new CEO is expected to take some time.