Martin Wheatley to stand down as FCA chief

clock • 2 min read

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...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week