The UK’s Financial Conduct Authority is primed for a shakeup at its highest level, culminating in the announcement that Martin Wheatley will be relinquishing his position as Chief Executive on September 12, 2015, according to an FCA statement.
Despite stepping down, Mr. Wheatley will continue acting as a de-facto adviser to the FCA Board until early next year, or more specifically, January 31, 2016. During this window, he will maintain a point of emphasis on the implementation of the Fair and Effective Markets Review, of which he has co-chaired.
Consequently, the FCA has tapped Tracey McDermott as its next Chief Executive, whose term will take effect from September 12 on an interim basis, at which point a search for a permanent Chief Executive will be undergone.
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According to Mr. Griffith-Jones, Chairman of the FCA, in a recent statement on the move, “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,” he reiterated.
“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,” added Mr. Wheatley in an accompanying statement.
Last week, the FCA published a new process that helps define how precisely it opts to utilize the appropriate regulatory tool in a case-by-case situation. Following a high-frequency of tips and inquiries, the regulator spelled out a guide on how it handles investigations.