FCA chief executive Martin Wheatley to step down

The Financial Conduct Authority chief executive Martin Wheatley is to step down in September, the City watchdog announced today.

Wheatley will continue to act as an adviser to the FCA board until January 2016.

The current FCA director of supervision Tracey McDermott will step up to become acting chief executive from 12 September while the FCA searches for Wheatley’s replacement.

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."