Acting leader of the Financial Conduct Authority (FCA) in the UK has today ruled herself out of taking the top job full time.

McDermott had been tipped to secure the FCA’s chief executive’s job on a permanent basis. Yet Chancellor of the Exchequer George Osborne told the BBC’s Radio 4 Today programme on Wednesday that McDermott no longer wanted the position, despite her being interviewed for the role in 2015.

Osborne said: "There has been a very effective interim leader in Tracey McDermott who has been doing a good job but she doesn’t want the job full time."

The revelations have come at time of increased scrutiny at the FCA, as MPs of the Treasury Select Committee plan to grill senior staff at the financial regulator later this month over its decision to drop an inquiry into UK banking culture.

McDermott and chairman of the FCA John Griffith-Jones are amongt those expected to appear in front of the panel of MPs on January 20.

In a statement, McDermott said the decision not to run for FCA CEO had been taken after months of careful consideration.

"I have been at the FSA/FCA for 15 years and I remain extremely committed to, and passionate about, the important work we do", she said. "However, going through the recruitment process has made me reflect on what I want to do with the rest of my career. As a result I have decided that this is not the right job for me at this stage of my career."

McDermott took the reigns as FCA acting leader in September 2015, taking over from Martin Wheatley who had been ousted by the Government.