Martin Wheatley, chief executive of the FCA, will step down from his post with effect from September this year. Mr Wheatley took charge of the FSA, the FCA’s predecessor, in September 2011.
According to the regulator, Mr Wheatley will continue to act as an adviser to the FCA board until 31 January 2016, with a particular emphasis on the implementation of the Fair and Effective Markets Review, which he co-chaired.
The regulator’s director of supervision, Tracey McDermott, will take over as acting chief executive while the FCA searches for a permanent replacement for Mr Wheatley.
Reports suggest that Mr Wheatley’s term on the board was up for renewal in March but chancellor George Osborne decided not to renew it.
One adviser, who asked to stay anonymous, said, “I think that he has been asked to leave by the government.
“Most advisers feel that he is just sitting there, getting the massive amount of money that he gets in terms of the salary and most of us don’t have a lot of sympathy for him really,” the adviser added.
When asked about the future of the FCA, the adviser said their view of the leadership at the watchdog was “pretty dim”. “I don’t have a lot of faith in him. And I don’t have a lot of hope that the next person is going to be any different,“ they continued.
In a statement, the chancellor said the FCA needed a different leadership to build on the work done by Mr Wheatley. “Britain needs a tough, strong financial conduct regulator. Martin Wheatley has done a brilliant job of launching the FCA in tough circumstances.”
Mr Wheatley joined the FSA from the Hong Kong Securities and Futures Commission where he had worked for seven years.
