Martin Wheatley, chief executive of the FCA is to stand down in September of this year after four years in the role. The FCA announced that Tracey McDermott, his deputy, would assume the role of acting chief executive while the search for Martin’s successor is under way.
Martin Wheatley had been subject to harsh criticism by many in the banking sector after the regulatory authority issued some of the biggest fines in the City under his leadership in the attempt to straighten up the practices of financial organisations following the financial crisis. He was also subject to immense pressure last year following the leak of an ongoing FCA investigation to the press which caused the dramatic decrease in the value of a number of insurance companies.
Partly as a result of these incidents, which Chancellor George Osborne said had damaged the reputation of the UK regulatory competence, the Chancellor indicated in recent discussions with the chief executive that he was not planning to renew Martin’s contract when it comes to an end in January 2016. George Osborne did thank Martin Wheatley for all he had done in his tenure, but announced that the Treasury thought that FCA required new leadership to take the regulator into its next stage of development.