BoE economist lined up to replace FCA’s Wheatley


Bank of England chief economist Andy Haldane is leading the race to replace Martin Wheatley as chief executive of the FCA, according to reports.

The regulator is currently in the process of finding a replacement for Wheatley, who will leave his position later this month.

The Sunday Times reports that Haldane is the frontrunner to take the role, with a formal recrutiment process set to begin this week. The next FCA head will take over the role in April next year.

One senior bank executive told the newspaper that Haldane “is definitely in the frame and is considered to be young and keen” although “his one problem is probably a lack of experience in retail banking”.

According to the Sunday Times, Wheatley’s successor will be paid a basic salary of £460,000.

Wheatley, who will continue to act as an adviser to the FCA until January 2016, will be replaced on an interim basis by FCA director of supervision Tracey McDermott on 12 September.