Martin Wheatley, the outgoing chief of Hong Kong's financial regulator, will head up the Consumer Protection and Markets Authority (CPMA) when it is spun out of the FSA.
As head of the CPMA, Wheatley will be the man who oversees the running of the whole of the UK adviser sector and monitor its safety and soundness.
The CPMA will act as the main watchdog for UK securities markets and will regulate how all financial firms treat their customers and counterparties, including smaller financial companies, the Financial Times reports.
The Treasury declined to comment.
Wheatley, 51, has been head of Hong Kong’s Securities and Futures Commission (SFC) since 2005 and had already announced plans to step down later this year.
In that role, he increased investor protection efforts by strengthening the regulatory regime and beefing up the SFC’s enforcement work.
