The Financial Services Authority has confirmed that Martin Wheatley will be chief executive officer of the Consumer Protection and Markets Authority.
The successor to the FSA is expected to be established by the end of 2012 and will form in conjunction with the Prudential regulation Authority.
He is set to be made managing director of the FSA’s Consumer and Markets Business Unit from September 1 this year and he will join the FSA board.
Wheatley joins 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 and sat on the FSA’s Listing Authority Advisory Committee.
Hector Sants, chief executive of the FSA, says: “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.”
Wheatley says he is relishing setting up the new regulatory authority and aims to deliver market confidence and consumer protection.
Lord Adair Turner, chairman of the FSA, says: “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.”