Financial Conduct Authority (FCA) chief executive Martin Wheatley has announced he is to stand down in September this year.
Wheatley has been CEO of the FCA since it was formed as the successor to the Financial Services Authority (FSA) in 2012 before taking on its responsibilities in 2013. Prior to taking on the role he was head of the Consumer and Markets Business Unit at the FSA since February 2011.
From 2004 to 2011 he worked at Hong Kong Regulator the Securities and Futures Commission, joining as executive director for market supervision before becoming its CEO in June 2006.
During his tenure at the FCA, Wheatley has pushed for the unbundling of execution commissions from research and an increased focus on achieving best execution.
Commenting on his departure, Wheatley said: “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.”
He will step down as CEO on 12 September but will continue to act as an adviser to the FCA Board until 31 January 2016. Tracey McDermott will take on the role of acting chief executive until a permanent replacement is found.