The Financial Conduct Authority (FCA) has announced that Megan Butler will be joining the FCA on secondment from the Prudential Regulation Authority (PRA) to take the role of director of supervision – investment, wholesale and specialists.

She is currently executive director of international banks directorate at the PRA and will start on the 1 September and will be with the FCA for a year.

She takes over from Tracey McDermott who will step up to acting CEO of the FCA on the 12 September following the departure of Martin Wheatley.

Wheatley said: “I am delighted that Megan has decided to join the FCA. She brings with her a wealth of experience and an excellent reputation in wholesale markets and will be a valuable addition to the executive team.”

Butler joined the Bank of England in April 2013 moving from the Financial Services Authority (FSA). She has been a supervisor since 2008, when she became head of the department responsible for the supervision of the UK operations of the major investment banks.

Prior to moving to supervision, Butler was head of enforcement law and policy at the FSA and chaired the International Organization of Securities Commissions (IOSCO) Standing Committee on Cross Border Cooperation and Enforcement from 2004-2008.

Before this, Butler was chief counsel for markets, heading the legal team responsible for advising on legal issues relating to official listing, the regulation of exchanges and clearing houses, market conduct and the supervision of wholesale firms.

She joined the Financial Services Authority in 2000. Before this, she spent several years at the London Stock Exchange in a variety of legal and non-legal roles, including head of capital markets.