The acting chief is leaving the UK financial watchdog after 15 years.

Tracey McDermott, the acting chief executive of the UK's Financial Conduct Authority, will leave the regulator in July when Andrew Bailey takes the helm.

McDermott became acting CEO in September last year, when Martin Wheatley stepped down after the UK government said the regulator needed “different leadership”. In January, she revealed she did not want the position full time. Later that month, Andrew Bailey, deputy governor for prudential regulation at the Bank of England, was appointed as the new CEO.

McDermott, who joined the FCA's predecessor the Financial Services Authority in 2001, has served as director of supervision and authorisations and, prior to that, director of enforcement and financial crime.

“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 15 years,” John Griffith-Jones, chairman of the FCA, said in a statement.

“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.”