The Financial Conduct Authority (FCA) announced that Martin Wheatley will step down as chief executive on September 12, 2015.

Mr. Wheatley will continue to serve as an adviser to the FCA Board until January 31, 2016. He will focus on the implementation of the Fair and Effective Markets Review.

FCA Chairman John Griffith-Jones commented, “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 organization and for the contribution he has made to putting conduct so firmly at the top of the financial services agenda.”

On the other hand, Mr. 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.”

Mr. Wheatley served as chief executive of the FCA since its establishment in 2013. He joined the FSA as managing director of the Conduct Business Unit in September 2011. Prior to that, he served as CEO of the Securities and Futures Commission in Hong Kong for five years.

Financial Conduct Authority (FCA) Chief Martin Wheatley Steps Down

George Osborne called for a new leadership at FCA

Mr. Wheatley’s decision came after George Osborne, Chancellor of the Exchequer called for a new leadership at the FCA.

In a press statement, Mr. Osborne commented, “Britain needs a tough, strong financial conduct regulator. Martin Wheatly has done a brilliant job of launching the FCA in tough circumstances.”

“Now that phase is complete, the government believes that a different leadership is required to build on those foundations and take the organization to the next stage of its development,” added Mr. Osborne.

Tracey McDermott to take over as acting chief executive

Tracey McDermott, FCA’s director of supervision for investment, wholesale and specialists will take over as acting chief executive until the organization finds a permanent replacement for Mr. Wheatley.

“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,” said Mr. Griffith-Jones.