Martin Wheatley to stand down from FCA

Martin Wheatley to stand down from FCA

Martin Wheatley, chief executive of the FCA, has announced he will stand down in September.

Mr Wheatley, who has been in post since 2011, will continue to act as an adviser to the FCA board until January 31 2016 - particularly on the implementation of the Fair and Effective Markets Review, which he co-chaired.

John Griffith-Jones, chairman of the FCA said: “Martin has done an outstanding job as chief executive setting up and leading the FCA over the last four years.

“We owe him a lot and I and my board would like to thank him for his great efforts in setting up the organisation and for the contribution he has made to putting conduct so firmly at the top of the financial services agenda.

“We all wish Martin well and I am pleased that we will continue to benefit from his wisdom and expertise over the next few months.”

Mr Griffith-Jones said Tracey McDermott will be taking over as acting chief executive from 12 September while the search for a permanent replacement takes place.

Mr Wheatley said: “I am incredibly proud of all we have achieved together in building the FCA over the last four years.

“I know that the organisation will build on that strong start and work so that the financial services industry continues to thrive.”

Mr Wheatley, who famously said he would “shoot first” and ask questions later, joined the FSA - shortly before it was replaced by the FCA - from the Hong Kong Securities and Futures Commission, where he had worked for seven years.

Before that he worked for the London Stock Exchange for 18 years.