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CPMA chief confirmed by FSA

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.”

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  • Glen McKeown 4th February 2011 at 9:47 am

    Glad to note the extensive retail sales experience held by Mr Wheatley. This will certainly make him sensitive to nuances of the market and its development.
    Wonder how long it will be before he becomes known as Mr Titanic.

  • Anon 3rd February 2011 at 1:41 pm

    Estimate is £50m to be levied by FSA as part of the fees firms pay – which is in turn funded by the consumer i.e. us.

    So maybe £1 each.

  • Ronnie Forrest 3rd February 2011 at 10:28 am

    Who is footing the bill for dismantling and re-assembling the regulatory body in a new style?

  • Tom Cleary 2nd February 2011 at 5:41 pm

    Jobs for the boys if ever there was?

  • dave 2nd February 2011 at 5:26 pm

    Well, now we know we are going to be stuck with the FSA for another 2 years!

    Just think of the damage they can do in that time… no, on second thoughts…