FSA Appoints Martin Wheatley as Managing Director
The Financial Services Authority (FSA) announced February 2 the appointment of Martin Wheatley as the new managing director of its Consumer and Markets Business Unit. The appointment is effective from 1 September 2011, and at that time he will also join the FSA Board.
In a separate announcement made by HM Treasury, Martin Wheatley is also confirmed as the CEO designate of the Consumer Protection and Markets Authority (CPMA), one of the two successor regulatory bodies that will be formed from the future division of the FSA. The CPMA is expected to be established by the end of 2012.
Martin Wheatley joins the FSA after serving a five year term as CEO of Hong Kong’s Securities and Futures Commission. Prior to this, he held various roles including Deputy Chief Executive of the London Stock Exchange Group plc and sat on the FSA’s Listing Authority Advisory Committee.
Hector Sants, FSA chief executive, said:
“We look forward to Martin joining us later this year. He will join our executive team at a time of considerable change, as the FSA continues to deliver its intensive supervisory approach, influence the international regulatory policy agenda and design the structure of the two future authorities. As one of our managing directors his remit will include supervision, markets and the regulation of firms’ conduct.”
Martin Wheatley said:
“I am looking forward to taking up my new role, in particular the opportunity to help shape the creation of a new regulatory authority is a challenge I relish. I want to ensure the CPMA will deliver a regulatory regime that ensures market confidence and delivers strong consumer protection.”
Adair Turner, FSA chairman, said:
“Over the next two years the FSA needs to design and launch our two successor bodies; the Prudential Regulation Authority within the Bank of England and the CPMA. I am very pleased that from September Martin will be joining us to play a key role in shaping the design of the CPMA, which he will subsequently lead as CEO.”