View more on these topics

Hong Kong protestors burnt the effigy of new CPMA chief

Former head of the Hong Kong Securities and Futures Commission Martin Wheatley has been appointed chief executive of the Consumer Protection and Markets Authority.

Wheatley will join the FSA as managing director of its consumer and markets business unit from September bef-ore heading the CPMA when it is set up by the end of 2012.

He was chief executive of Hong Kong’s Securities and Futures Commission for five years and was previously deputy chief executive of the London Stock Exchange. He has sat on the FSA’s listing authority advisory committee.

Yellowtail Financial Planning managing director Dennis Hall says: “He has financial services experience but it is not like he has any UK retail market experience. That might not be a bad thing but we do not know yet.”

Wheatley oversaw 170 convictions for market manip- ulation in the last three years at the Hong Kong regulator.

Hall says that Wheatley’s success in cracking down on these transgressions sugg- ests he might be good for the UK market.

After the collapse of Leman Brothers, the SFC came in for criticism after local people accused Hong Kong banks of misselling Lehman-backed products. They held rallies and burnt pictures of Wheatley.

He responded by saying it is “a slippery slope” to try to judge which products are suitable for all investors. The SFC agreed that one local bank should pay out around £50m in compensation without admitting liability.

PanaceaIFA chief executive Derek Bradley says: “The protests may have been a reflection on the fact Hong Kong markets are controlled by powerful, politically influential locals. I am sure this experience will help when setting up the CPMA.”

ARK Financial Planning chartered financial planner Phil Stevenson says: “He should recognise the IFA as the pre-eminent distribution chan- nel and ensure he listens to the concerns of advisers.”

Recommended

1

RDR could have mixed impact on investment trusts, says Numis

Numis Securities has warned the implementation of the retail distribution review could have a more mixed impact on the investment trust sector than some commentators suggest. The RDR, due to come into effect at the end of 2012, is predicted to boost investment companies by allowing them an equal footing with other fund structures in […]

Fund managers unhappy with AIM scrutiny

Fund managers have raised concerns about the regulation of natural resource companies on the Alternative Investment Market after a wave of flotations which saw oil explorers and commodity companies raise £3bn. According to the research carried out by London Capital Group for The Telegraph, 40 per cent of all fund managers say they are unhappy […]

1

Santander small business lending boosts profits

Santander saw an 11 per cent increase in UK profits in 2010, up from £1.5bn in 2009 to £1.7bn. The company’s gross mortgage market lending share fell by 1 per cent to 17.7 per cent. Gross mortgage lending also fell from £26.4bn to £24.2bn. Lending to small and med- ium-sized businesses rose by 26 per […]

Global cause

While many managers talk of rising shareholder distributions in the US, Europe or even in China, they are not the only sources of growing dividends. In fact, some of the high- yielding countries are rarely mentioned, namely places such as Australia, Canada and Brazil. The highest country allocations in the £811m M&G global dividend fund, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. I’m surprised there hasn’t been something similar staged outside Canary Wharf, only this time with three effigies rather than just one.

Leave a comment