Martin Wheatley to stand down as FCA chief

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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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