Speaking at the FCA Annual Public Meeting at the QE11 Centre in Westminster, Wheatley said: “Frankly I’m disappointed to be moving on but I do so with a sense of unfinished business. But I’ve got no doubt that under John’s chairmanship the board and the executive committee with the new appointments that will be joining in autumn will continue to push the organisation hard to build on the successes of the last two years and continue to evolve to meet the needs of a fast moving industry.”
Wheatley’s resignation was announced by the regulator last week after George Osborne wouldn’t renew the CEO’s membership on the FCA board.
The FCA announced Wheatley (pictured) would stand down from his role as head of the 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.
Wheatley’s successor is Tracey McDermott, currently director of supervision – investment, wholesale and specialists.
Osborne, on his decision not to renew Wheatley’s role as adviser to the board past January 2016, said that a ‘tough strong financial conduct regulator’ was needed adding that Wheatley had done a ‘brilliant job’ launching the FCA in ‘difficult circumstances’.
The Chancellor said he wants to appoint a new leader to take the regulator forward to the next stage of its development.
In his closing remarks at the second annual public conference held by the FCA Wheatley said: “I want to put on record first of all my pride of being able to lead this organisation and help it develop into a world class regulator. I’ve got no doubt that under Tracey and my colleagues on the executive committee, the FCA will continue to excel in its very demanding role.”
