UK chancellor George Osborne is expected to name the new chief executive of the FCA within the next few weeks.
A spokesperson for the Treasury said on Monday: “As the chancellor announced last year, the government has launched a worldwide search for the next chief executive of the Financial Conduct Authority.
“The results of the recruitment process will be announced in due course. We will not provide a running commentary before that point.”
In addition to McDermott, the shortlist for the job is understood to include the chairman of the Australian Securities and Investments Commission (ASIC), Greg Medcraft and a third person who has yet to be named.
Sudden vacancy
McDermott took over the top job at the FCA in September 2015 after chief executive Martin Wheatley was ousted from the role in July when Osborne declined to renew his five-year contract
It also emerged last week that the regulator has shelved plans to look at whether excess pay contributed to scandals involving British and international lenders.
“A focus on the culture in financial services firms remains a priority for the FCA. There is currently extensive ongoing work in this area within firms and externally,” the FCA said in a statement.
“We have decided that the best way to support these efforts is to engage individually with firms to encourage their delivery of cultural change as well as supporting the other initiatives outside the FCA.”
