The Financial Conduct Authority (FCA) has announced that Martin Wheatley is to stand down as chief executive on September 12.
Wheatley will continue to act as an adviser to the FCA board until January 31 2016 with a particular emphasis on implementation of the Fair and Effective Markets Review, which he co-chaired.
It is believed that the Treasury had made it clear in recent talks that Wheatley would not be asked to renew his contract – which is due for renewal in March next year.
Although chancellor George Osborne thanked Wheatley, he added: “The government believes that different leadership is required to build on those foundations.”
John Griffith-Jones, chairman of the FCA, said: “Martin has done an outstanding job as chief executive setting up and leading the FCA over the last four years.
“We owe him a lot and I and my board would like to thank him for his great efforts in setting up the organisation and for the contribution he has made to putting conduct so firmly at the top of the financial services agenda.
“We all wish Martin well and I am pleased that we will continue to benefit from his wisdom and expertise over the next few months.”
Wheatley said: “I am incredibly proud of all we have achieved together in building the FCA over the last four years.
“I know that the organisation will build on that strong start and work so that the financial services industry continues to thrive.”
Griffith-Jones also announced that Tracey McDermott will be taking over as acting chief executive from September 12 while the search for a permanent chief executive takes place.
The chairman added: “I am pleased that we are able to call on someone of Tracey’s ability and stature to take up the post of acting chief executive.
“I am grateful to her for taking on this role and I know she will do a great job.”
By Marcel LeGouais