Standard Chartered hires former UK watchdog

Standard Chartered named Tracey McDermott as group head of corporate, public and regulatory affairs, effective March 20, with responsibility for building the bank’s relationships with regulators and policy makers. McDermott was acting chief executive officer (CEO) of UK regulator the Financial Conduct Authority (FCA) from September 2015 to June 2016, but left after failing to secure the position on a permanent basis.

At Standard Chartered she will report to group CEO Bill Winters and join the bank’s global management team. In her new role, McDermott will work closely with Winters and group chairman Jose Vinals to strengthen regulatory relationships, and also with group chief risk officer Mark Smith to manage the reputational risks. She will also have responsibility for the bank’s global public affairs, sustainability and communications operations.