BOE’s Butler Will Temporarily Take a Top FCA Regulatory Post

The Bank of England’s Megan Butler will temporarily take a top post at the Financial Conduct Authority while the regulator juggles its executive ranks following the ouster of Chief Executive Officer Martin Wheatley.

Butler, the head of international bank supervision, will take over as the FCA’s director of wholesale supervision on a one-year assignment, the regulator said in a statement Thursday.

Wheatley is stepping down in September after being forced out by Chancellor of the Exchequer George Osborne earlier this month. Butler will replace Tracey McDermott, who will be taking over Wheatley’s role on an interim basis.

Butler, who is a trial lawyer, or barrister, joined the Bank of England in April 2013 after moving over from the Financial Services Authority, the FCA’s predecessor. She will join the FCA on a temporary assignment known as a secondment in the U.K.

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