FCA's McDermott to replace Adamson as supervision head

FCA director of enforcement Tracey McDermott is to become the regulator's director of supervision in a shake-up of its reporting lines, according to reports.

Sky News, which said last week that current head of supervision Clive Adamson is to depart the regulator imminently, has reported McDermott (pictured) is in line to effectively take over his role. It comes as the FCA prepares to publish a report into the way it publicised its probe into closed-book life insurers earlier this year. Insurer shares tumbled in March after a report in the Daily Telegraph, quoting Adamson, suggested the regulator could force insurers to review exit charges on legacy policies. It took the FCA six hours to clarify the actual scope of the review. Adamson...