Have you got the X Factor needed to be FCA chief?

Was it just me who thought of Simon Cowell and the X Factor when George Osborne’s declared he would scour the planet for the best person to head up the City watchdog?

The statement read: “The government is launching a worldwide search; Martin’s replacement will – like him – need to be passionate about protecting consumers, promoting competition and completing the job of cleaning up the City, so it is the best-regulated market in the world.”

All our chancellor needed was the people’s princess Cheryl Fernandez-Versini standing beside him and I would have found it tricky to spot the difference between Mr Osborne and the world famous talent scout who seems to think saying “1,000 per cent yes” makes him look smart.

Like the X Factor, these days winning the top job at the organisation formerly known as the FSA seems to no longer be the golden ticket it once was.

Years ago, being named chief executive of the City watchdog meant that after tinkering with an adviser’s working life for a few years and increasing the regulatory bill they receive, a knighthood or CBE would be in the post when you decided to leave.

Even if the title of ‘Sir’ failed to materialise, you were guaranteed your former puppet master would give you a glowing reference when you decided to turn your back on regulation and bag a well paid role on the board of a company.

Even if the title of ‘Sir’ failed to materialise, you were guaranteed your former puppet master would give you a glowing reference

The decision to push Martin Wheatley out of the FCA by the Conservative government shows these days life at the top of the regulator is indeed more akin to the staying power of an X Factor winner.

Mr Wheatley has had to suffer the very public embarrassment of finding out that when his term on the board of the City watchdog was up for renewal, the chancellor would not decide to renew it.

For every Leona Lewis there are many more “winners” who have been swiftly dropped by their record label.

The treatment of Mr Wheatley suggests winning the top job at the FCA is no longer as appealing as it once was. Yes, you may have the odd hit, but you’ll quickly find yourself cut adrift by your management company/the government when your latest effort fails to scrape the top 40.

Like the many dropped X Factor winners, of course Mr Wheatley was “disappointed” to learn his performance at the helm of the FCA would not warrant his contract being renewed.

I don’t blame him for feeling disappointed.

A lot of you have slated him on the website in the last few days, but was he any worse than his predecessors and did he deserve Mr Osborne saying “different leadership is required to... take the organisation to the next stage of its development”?

Yes, Mr Osborne said a few nice words to say - “a brilliant job... in tough circumstances” - but Mr Wheatley’s words at this week’s FCA annual meeting made it clear he was not happy with his exit.

I bet he expected a lot better treatment than this when he agreed to head up the FSA’s replacement.

emma.hughes@ft.com