For her dedication to bring quality financial service to UK consumers, her gender, her children and her education had become a big issue to banks. But Financial Conduct Authority Enforcement Officer Tracey McDermott puts that on her hate list, but she never really did hate banks.
She, herself, isn’t too shocked to see that banks and financial institutions have a limitless number of consumer complaints, errors and misconduct.
Her department was responsible for charging RBS, UBS, HSBC, Citigroup and JP Morgan for rigging foreign exchange rates. Her department had also imposed various fines against Barclays for rigging the gold market, earning them £26 million. RBS was struck with £42 for inconveniencing consumers for delays in service due to an IT meltdown.
Tracey’s department was also responsible for banning prime Fund Manager Jonathan Paul Burrows from employment in London because of his dishonesty and lack of integrity, dodging around £43,000 in train fares.
According to Tracey, “The fines are a means to an end,” she says. “We don’t just do it for the sake of undertaking it.”
“With some exceptions, most of these persons are not setting out deliberately to do what they believe is the incorrect point,” she says. “It’s sort of additional of a game, it’s what they’ve observed other men and women do. It’s what they’ve noticed the persons who … get the reward, in terms of status or reputation, do – so they just drift into that. It is a resetting of the mindset that has to take place, which will take time.”