FCA says McDermott to leave in July

LONDON (Reuters) - Tracey McDermott, acting chief executive of the Financial Conduct Authority, will leave in July when Andrew Bailey takes over the top job at the watchdog, the FCA said on Wednesday.

McDermott became acting CEO in September last year after hardliner Martin Wheatley was ousted by finance minister George Osborne.

"Transitions are always challenging and her energy and clarity of purpose have been invaluable in steering the organisation in the right direction," FCA Chairman John Griffith-Jones said in a statement.

As a former head of enforcement for the watchdog, McDermott is unlikely to be short of job offers in the private sector.

A lawyer by training, she has specialised in commercial litigation in Britain, the United States and Brussels before becoming a regulator.

(Reporting by Huw Jones; Editing by Keith Weir)