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Another candidate ruled out of FCA top job

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Former Ofcom chief executive Ed Richards, who was widely tipped as a preferred candidate to lead the FCA, has ruled himself out of the running for the role.

It comes after FCA interim chief executive Tracey McDermott decided she did not want the FCA top job earlier this month.

The Telegraph reports several banking executives had earmarked Richards as someone who would be well-placed to succeed Martin Wheatley, who was ousted from the helm of the regulator last year.

But sources have told the newspaper Richards is not interested in the job and has ruled himself out of the application process.

Richards is familiar with the banking sector, having led a review last year into whether a mega-merger of trade bodies that would bring together organisations such as the Council of Mortgage Lenders and the British Bankers’ Association should be carried out.

Other names in the frame for the FCA chief executive role include Australian regulator Greg Medcraft, Swiss regulator Mark Branson, the Bank of England’s Andy Haldane and Treasury manadarin Sir Nicholas Macpherson.


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Tracey McDermott ruled out of FCA top job

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Govt ousts FCA chief Martin Wheatley

FCA chief executive Martin Wheatley is to stand down in September, the regulator has announced. FCA director of supervision Tracey McDermott will take over as acting chief executive on 12 September until a permanent replacement is appointed. Chancellor George Osborne says the regulator needs “different leadership”. Osborne says: “Britain needs a tough, strong financial conduct […]


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There are 9 comments at the moment, we would love to hear your opinion too.

  1. Crikey !! should I phone George to put an application in the post

    Its a no brainer, 2or3 year gig, massive salary, do a good job or bad makes no difference, slope off after your term into a nice job with one of the big 4, never know my get a gong in the process……..? who am I trying to kid, I know I am not a yes man !

  2. So who appoints the head of the FCA then – because, from the article, it suggests it is people within the banking industry – which given the way the FCA bottled it over investingating the banks makes an awful lot of sense. It’s a pity WADA don’t go after the FCA in the same way they went after the IAAF. The FCA, like the IAAF (and FIFA) is rotten and corrupt to the core –

  3. Is it a case of jobs for the boys? Who are the people who choose who is to be in charge? Are they incapable of thinking outside the box?

  4. If the amateurish performance of the current ‘toc H’ current holders before the Parliamentary Committee is anything to go by, it is little wonder 30 years of regulation has failed. Both looked extremely nervous and appeared to provide the P.C. with entertainment.

    The Problem is the world is likely to come crashing in on the wonder regulators, as the Eton Seat, blames the Regulator for yet another economic crisis.

    Therefore the answers are ‘Not on my Parade’. However, their is a millionaire traveler (Self Made) cannot read or write, might be prepared to help out. His business skills are top class. Elite not- highly skilled -V- Elite old boy statue – Skills very suspect.

  5. Because the way the FSA/FCA has been run and eat up in the past, with all of its bad previous leaders, bad decisions (as well as no decisions at times), is it any wonder why more people are ruling themselves out.
    Whilst their hearts may be in the right place, they think of themselves as a consumer champion which is, in my view, wrong. They have one entity who make one set of rules for the entire industry which has been shown time and again NOT to work but they keep on doing it. You cannot have a a one-size -fits-all approach to regulation of the FS industry when there are so many differing “branches to the FS tree”. They employ 3,000 people and yet still manage to c*ck things up a regular basis and this will continue as long as they keep on this track.
    I think one of the things the FAMR NEEDS to do is to put a change to sensible and workable regulation as one of its priorities.

  6. It seems to be such a poisoned chalice that nobody wants it and Tracey McDemott having withdrawn supposedly for career reasons is hardly convincing. Whoever does take on the job will surely have to live with the Sword of Damocles having over their head by a very slender thread.

  7. The current structure makes the job impossible. It is too compromised to be saved

  8. One wonders just what George will do if a willing candidate absolutely cannot be found. Scrapping and replacing the FSA (in truth, just changing a few faces at the top) was nothing more than a cosmetic exercise which plainly hasn’t worked at all. The chief exec’s been given the order of the boot, his temporary replacement doesn’t want the job on a permanent basis and even in the face of the Treasury-led FAMR, we hear Linda Woodhall (a harridan if ever there was) defiantly proclaiming that on her watch there’ll be no loosening of regulation. And as for John Griffith-Jones, about his best shot at glory is to describe the purpose of the GABRIEL returns as “pragmatic”. For Gawd’s sake, from where do these people come?

    So we’re back to what I suggested several years back, namely that the entire organisation requires fundamental root and branch reform and restructure or, failing that, for the TSC to be granted the powers it needs genuinely to hold the FCA to account for its many failings and, when appropriate, to kick a few butts and kick ’em hard.

  9. Roman Duzinkewycz 25th January 2016 at 4:54 pm

    George, I’ll do it and I promise to be as bad as my predecessors and walk away scot free, a lot richer and with a chance of a knighthood – ignore this application at your peril.

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