Megan Butler has been given the job on a permanent basis, having previously been in the role on secondment from the Prudential Regulation Authority, where she was executive director of International Banks Directorate.

Ms McDermott held the position before becoming acting CEO.

Ms Butler said: “I am very pleased to take on my role as director of SIWS in a permanent capacity. There is a huge amount of interesting, challenging and important work to do and I am excited about the opportunity to continue to shape financial services for the better. Having been here for nine months already, I know I’m leading a talented team.”

Ms Butler was previously the Executive Director of International Banks Directorate at the PRA. She joined the Bank of England in April 2013 moving from the Financial Services Authority. She had 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.

Tracey McDermott, acting chief executive, said: “I am delighted that Megan has decided to stay at the FCA. She is an extremely experienced regulator with an excellent reputation in wholesale markets and has established herself as a key member of the FCA’s executive team over the past nine months”.

Prior to moving to supervision, Ms 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 moving to the Enforcement Division, she 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.

Megan joined the FSA 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. She is a Barrister, called to the bar in 1987.