By Mark Kleinman, City Editor
The executive who has led the City regulator's zealous efforts to punish banks' misdemeanours is to be rewarded with a promotion as part of a wide-ranging restructuring.
Sky News understands that Tracey McDermott, the Financial Conduct Authority's (FCA) head of enforcement, is to be named as the watchdog's new director of supervision on Monday.
Her promotion will form part of an overhaul of a number of the FCA's core functions, aimed at reflecting its expanded responsibilities for overseeing consumer credit providers.
Ms McDermott, who joined the FCA's enforcement division in 2001, is already a member of the organisation's board of directors.
Since assuming her current role, she has pursued regulated firms - including the major banks and payday lenders - with a renewed vigour which commentators agree was conspicuous by its absence before the 2008 banking crisis.
Ms McDermott, who will effectively replace Clive Adamson, the current head of supervision, has been the public face of many of the FCA's recent enforcement actions, including the recent £1.1bn settlement with five banks over control failures in their foreign exchange-trading operations.
FCA staff were being informed about the restructuring, which will include the establishment of a new risk function, on Monday.
Sky News revealed last week that Mr Adamson was planning to step down, just days before the release of a report that will criticise the FCA's handling of an inquiry into the insurance industry.
A newspaper story briefed by the FCA in March wreaked havoc on the share prices of some of the UK's biggest insurers, sparking fury in their boardrooms.
Simon Davis, a partner at the law firm Clifford Chance, was appointed in April to lead an inquiry.
His report will make a series of recommendations relating to the disclosure of market-sensitive information and internal communications at the FCA.
A friend of Mr Adamson insisted that his exit and Mr Davis's forthcoming report were not directly connected.
Mr Adamson, a long-serving regulator who was responsible for overseeing the major UK banks in the period leading up to and during the financial crisis, is understood to have been considering whether to leave for some time.
An insider said on Monday that the entire FCA executive committee was likely to face criticism with five individuals - including Mr Adamson and Zitah McMillan, the communications director - expected to be identified by name.
The FCA declined to comment.
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