FCA's McDermott receives CBE in Queen's Birthday Honours list

Alliance Trust Lord Smith of Kelvin also honoured

Acting chief executive of the Financial Conduct Authority Tracey McDermott and Alliance Trust chairman Lord Smith have been awarded honours by the Queen in her 90th Birthday Honours List.

McDermott, who will be stepping down from her role and leaving the organisation on 1 July, will receive a CBE for her services to financial services' consumers and markets. She became the acting CEO in September 2015, after Martin Wheatley was ousted by the Chancellor, and will be replaced by Andrew Bailey, deputy governor for prudential regulation at the Bank of England and chief executive of the PRA, who takes over next month. Earlier this year, McDermott revealed she had decided in December 2015 to withdraw from the process to appoint the permanent chief executive of the FCA but wo...