The FCA announced Wheatley (pictured) would stand down from his role as head of this FCA from September 12 2015 and continue as an adviser to the board until 31 January 2016, focusing on the implementation of the Fair and Effective Markets Review, which he co-chaired.
According to an FCA spokesperson, Wheatley’s role as adviser to the board was due for renewal in January 2016 but Osborne took the decision not to resume his position. Following the decision, Wheatley handed in his resignation as chief executive.
Osborne said a “tough, strong financial conduct regulator” was needed, adding that Wheatley had done a “brilliant job” launching the FCA in “difficult circumstances”.
“Now that phase is complete, the government believes that different leadership is required to build on those foundations and take the organisation to the next stage of its development,” he added.
“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.
Tracey McDermott, director of supervision for investment, wholesale and specialists, will take over as acting chief executive from September 12 while the regulator looks to recruit a permanent chief executive.
Wheatley joined the Financial Services Authority in September 2011 as the managing director of the Conduct Business Unit after serving five years as CEO at Hong Kong’s Securities and Future’s Commission.
Earlier this month, the FCA chief executive was handed a 15% pay rise, taking his total pay deal to £701,000. The adviser industry has criticised the FCA in recent months for their decision to raise fees paid by brokers to the regulator.
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.”
John Griffith-Jones, chairman of the FCA, added: “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.”
