Martin Wheatley's exit: Osborne says 'different leadership' needed

Carmen Reichman
clock

The chief executive of the Financial Conduct Authority (FCA) Martin Wheatley is to step down in September, the regulator announced today, because the Treasury wanted a change of leadership.

Wheatley's position on the FCA board was up for renewal in March 2016 and was not renewed by the Chancellor, a source close to the regulator told Professional Adviser. Chancellor George Osborne has since released a statement saying "different leadership is required" at the helm of the watchdog. The Treasury is now conducting a worldwide search for the next CEO, who will be staying on in an advisory capacity into the New Year. Current head of supervision Tracey McDermott will be taking over as acting chief executive from 12 September while the search for a permanent chief executive ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

'Danger' for advisers who think poor conduct is not relevant to them

'Danger' for advisers who think poor conduct is not relevant to them

‘You cannot rely on people deciding what to do in the moment’

Hope Coumbe
clock 28 March 2024 • 1 min read
Advisers on 'dangerous ground' if they take tick-box regulation approach

Advisers on 'dangerous ground' if they take tick-box regulation approach

‘They should embrace the spirit in which the regulation has been created’

Isabel Baxter
clock 27 March 2024 • 1 min read
FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read