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U.K. regulator, the Financial Conduct Authority (FCA) reports that after four years Martin Wheatley will be leaving his post as chief executive on September 12 and will be replaced temporarily by Tracey McDermott, an executive board member and director of supervision.
A search is underway for a permanent chief executive, FCA officials say.
Wheatley will stay on as an adviser to the FCA board until January 31, 2016 “with a particular emphasis on the implementation of the Fair and Effective Markets Review, which he co-chaired,” according to the FCA.
Tracey McDermott, soon to be temporary chief executive, FCA
McDermott, who as director of supervision oversees investment, wholesale and specialists, will take over as acting chief executive on September 12, FCA officials say.
“I am incredibly proud of all we have achieved together in building the FCA over the last four years,” Wheatley says in a prepared statement. “I know that the organization will build on that strong start and work so that the financial services industry continues to thrive.”
Starting in April 2013, the FCA in the U.K. became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA), FCA officials say. In April 2014, the FCA took over responsibility for consumer credit regulation in the U.K.
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