(Reuters) - Martin Wheatley will stand down as chief executive of Britain’s Financial Conduct Authority (FCA) after the government said new leadership was needed at the two-year old watchdog.
Widely viewed as a hardliner in regulatory terms, Wheatley’s four-year term had been due to end in March 2016.
Britain’s finance minister George Osborne praised Wheatley for his work in launching the FCA in 2013 but said that different leadership was required to take the watchdog to the next stage of its development.
“The government is launching a worldwide search; Martin’s replacement will, like him, need to be passionate about protecting consumers, promoting competition and completing the job of cleaning up the City, so it is the best-regulated market in the world,” Osborne said in a statement.
Osborne, who said last week he wants regulators to focus on keeping London as an attractive global financial centre, said Tracey McDermott, the FCA’s head of wholesale market supervision, will take on the role of acting chief executive.
Britain’s regulators were tarnished by the 2007-09 financial crisis when undercapitalised banks had to be rescued by taxpayers.
The then Financial Services Authority was split into two, with the FCA having a remit to oversee markets and conduct, and the Bank of England supervising the solvency of banks.
“I am incredibly proud of all we have achieved together in building the FCA over the last four years” Wheatley said in a statement.
