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BoE economist lined up to replace FCA’s Wheatley

Haldane-Andy-BoE[1]

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.

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Comments

There are 10 comments at the moment, we would love to hear your opinion too.

  1. Any relation to the guy who made the Army reforms in the early 1900 – which regrettably seemed to coincide with our waning world powers.

  2. seems obsessed with frisbees

  3. Does he have any directly relevant experience at all?

    And why is the FCA being allowed to select a successor for Wheatley? The government has decided he’s not suitable for the role so shouldn’t the government choose a replacement who is?

    • Oh don’t you worry Julian !!

      You can bet George Osbourne has his eye firmly fixed on the prize !

      He knows only to well of the in breeding that goes on, and will ensure a stud (or studess) from his own stable is picked.

  4. £460k salary
    2.5 times more than the prime minister
    plus our new leader elect will get bonuses etc .. paid for my us

  5. Does anyone know if they have to advertise the job, as most organisations seem to have to do?

  6. Of course the job isn’t advertised ~ the FCA doesn’t have to do anything that “most organisations seem to have to do”, least of all take damn-all notice of the Code of Practice by which all its peer groups are required to abide.

    This is a job for somebody who knows the right people, whose face fits, who’s a member of the right club/s and who can be relied upon to toe the line.

  7. Richard Clinton Green 1st September 2015 at 4:19 pm

    “his one problem is probably a lack of experience in retail banking”. That could be a benefit for the rest of us as he may not try to put banking first and actually be interested in getting the right advice to our clients without having to put the FCA first instead of our clients interests but he has not got the job yet!

  8. But would he know good advice when he saw it or how one should determine if the advice given was suitable.

  9. “Haldane is the frontrunner to take the role, with a formal recrutiment process set to begin this week.” How can there be a frontrunner when the recruitment process hasn’t started?

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