Regulators, mount up!

17 Jul 2015 By Dominic Elliott

Britain is searching for a new regulator after Chancellor George Osborne ousted Financial Conduct Authority boss Martin Wheatley. His replacement will need to avoid mistakes and forge a conciliatory pact with financial institutions while also protecting consumers. It’s a big ask.

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Martin Wheatley, the head of the UK’s Financial Conduct Authority, is to step down early after the government refused to extend his contract, due to end in March 2016, according to a person familiar with the situation.

Finance Minister George Osborne said in an emailed statement on July 17 that Wheatley had done “a brilliant job” of launching the FCA, but that different leadership was needed to take the organisation to its next phase of development.

Wheatley will stand down as chief executive on Sept. 12, the FCA said, but will stay on as an adviser for six months. He is contractually entitled to receive a year’s full pay of 460,000 pounds ($717,000) from Sept. 12.

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