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FCA chief jumps before being pushed

Posted at July 18, 2015 | Categories : News

Martin Wheatley is to stand down as chief executive of the Financial Conduct Authority on 12th September 2015 at which point Tracey McDermott will be taking over as acting chief executive while the search for a permanent replacement takes place.

According to BBC business editor, Kamal Ahmed, the Treasury was behind Mr Wheatley’s surprise decision to stand down, having made it clear that he would not be asked to stay on when his contract came up for renewal in March of next year.

Mr Ahmed comments: “The Treasury has always had a scratchy relationship with Mr Wheatley who famously said he would ‘shoot first’ and ask questions later when he came across wrong doing in the financial services sector.”