UK regulator the Financial Services Authority (FSA) has announced that Martin Wheatley will join as a managing director in its consumer and markets business unit.
Wheatley, who will start his new role on 1 September, has also been made CEO designate of the Consumer Protection and Markets Authority (CPMA), one of two new bodies that will be established at the end of 2012 as part of the UK government's plan to reform the FSA.
The appointment of Wheatley, who has been widely credited with enforcing a strict regime during his current role as CEO of Hong Kong regulator the Securities and Futures Commission (SFC), should provide reassurance for the markets as the UK's new regulatory structure is settled in. His role at the CPMA will include supervision of markets and the regulation of firms' conduct.
“I am looking forward to taking up my new role, in particular the opportunity to help shape the creation of a new regulatory authority is a challenge I relish,” commented Wheatley. “I want to ensure the CPMA will deliver a regulatory regime that ensures market confidence and delivers strong consumer protection.””¨”¨
Wheatley has been head of the SFC for five years. He announced his departure, scheduled for this summer, from the SFC in December 2010.
Prior to working at the SFC, Wheatley served as deputy CEO of the London Stock Exchange and has also sat on the FSA's listing authority advisory committee. Wheatley is currently a member of the standing committee for standards implementation of regulatory advisory body the Financial Stability Board and a member of the International Organisation of Securities Commissions technical committee, where he currently chairs the technical committee task force on short selling.
“We look forward to Martin joining us later this year. He will join our executive team at a time of considerable change, as the FSA continues to deliver its intensive supervisory approach, influence the international regulatory policy agenda and design the structure of the two future authorities,” added Hector Sants, the FSA's chief executive.