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HK finance watchdog chief in frame to lead CPMA

The chief of Hong Kong’s financial regulatory body Martin Wheatley has emerged as one of the leading candidates to head the Consumer Protection and Markets Authority.

Wheatley has said that he plans to leave his role at the Hong Kong Securities and Exchange Commission in June and is thought to be in the frame for the lead role at the CPMA, which will be formed alongside the Prudential Regulatory Authority when the FSA is broken up in 2012 and whose responsibilities will include regulating advisers.

According to the FT, Wheatley, a former deputy chief executive at the London Stock Exchange, is competing with the likes of FSA director of enforcement Margaret Cole for the role. Other names touted include Carol  Sergeant, the former FSA director and former head of risk at Lloyds Banking Group, and John Fingleton, head of the Office of Fair Trading.

It is thought that a decision on the role will be made within the next few weeks.

The FT also reports that FSA head of insurance Ken Hogg is set to leave the regulator and is considering a return to the private sector. He joined the FSA from MGM Assurance in July 2009.

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Nigel Stockton to become Countrywide financial services chief

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Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.

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