20 July 2015 Insurance

FCA chief steps down

Martin Wheatley, the chief executive officer of UK regulator the Financial Conduct Authority (FCA), is set to step down in September.

The FCA confirmed that George Osborne, the UK Chancellor of the Exchequer, had indicated Wheatley's position on the FCA board would not be renewed.

Executive board member Tracey McDermott will take over as acting chief executive, while the search for a permanent chief executive takes place.

Wheatley will continue to act as an adviser to the FCA board until January 31, 2016 with a particular emphasis 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."

Wheatley added: "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."

"I am pleased that we are able to call on someone of Tracey’s ability and stature to take up the post of acting chief executive. I am grateful to her for taking on this role and I know she will do a great job.”

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