Tracey McDermott, the FCA’s acting chief executive, says she is “please and proud” to have been made a CBE in the Queen’s Birthday Honours List.

The Financial Conduct Authority has today opened its much publicised regulatory sandbox to firms to allow them to test new financial ideas in a ‘safe’ environment.

Tracey McDermott, acting chief executive of the Financial Conduct Authority, will leave the organisation on 1 July, it was announced by the regulator this morning.

FCA officials have moved this morning to insist that a return to commission bias is not on the cards despite comments from the acting chief executive.