Martin Wheatley to stand down as FCA chief


Financial Conduct Authority chief executive Martin Wheatley is to stand down on 12 September after the Treasury said it believes "different leadership is required".

Tracey McDermott, currently director of supervision – investment, wholesale & specialists, will take over as acting CEO while the search for a permanent replacement begins, the regulator said today. Wheatley will continue to act as an adviser to the FCA board until 31 January 2016, with a particular emphasis on the implementation of the Fair and Effective Markets Review, which he co-chaired. The chief executive was put under intense pressure last year following the publication of the Davis Report, which criticised the watchdog's mishandled announcement of a review of life insurers' ba...

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