Advisers reflect on Martin Wheatley legacy

Martin Wheatley 2 2013 700x450

Advisers have questioned the departure of FCA chief executive Martin Wheatley, warning his successor must not take the regulatory regime “back in the wrong direction”.

Earlier today the FCA announced Wheatley will step down in September, after Chancellor George Osborne said the regulator needs “different leadership”.

FCA director of supervision Tracey McDermott will take over as acting chief executive until a permanent replacement is appointed.

Jacksons Wealth Management managing director Pete Matthew says: “From an adviser perspective the regulator has made some good strides in the last few years.

“There is still some way to go, particularly on regulatory costs, but I hope the new chief executive does not take the regulator back in the wrong direction.”

Philip J Milton & Company managing director Philip Milton says: “This is an incredibly difficult job and if the Government does not have anyone in mind to replace Wheatley, I am not convinced they will find anyone better.

“There have been some mistakes but generally he has kept his head down and got on with the job. Having change at the top could create uncertainty for advisers and the markets.”

Yellowtail Financial Planning managing director Dennis Hall says rising regulatory costs and banking scandals such as Forex and Libor have happened “on Wheatley’s watch”.

But he adds: “The dialogue between the regulator and firms has improved under the FCA, as has signposting to the issues the regulator plans to look at. There is nothing obvious that he has done wrong.”