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Hong Kong regulator Wheatley to head CPMA

Martin Wheatley

Martin Wheatley, the outgoing head of Hong Kong’s financial regulator, is to head the Consumer Protection and Markets Authority.

His appointment was confirmed during a session of the Treasury select committee today.

Wheatley will leave the Hong Kong Securities and Futures Commission in June and will join the FSA as managing director of its consumer and markets business unit in September, before becoming chief executive of the CPMA when it launches.

Wheatley has been HKSFC chief executive since 2006 and sat on the Listing Authority Advisory Committee, an independent body which reports directly to the Financial Services Authority from 2002 to 2004.

He has broad, multinational experience in regulation and had been mooted as a leading candidate for the role.

Wheatley announced his resignation from the Hong Kong regulator late last year and sparked speculation by leaving the post just three months before his contract ends.

Wheatley says: “I am looking forward to taking up my new role, in particular the opportunity to help shape the creation of a new regulatory authority is a challenge I relish. I want to ensure the CPMA will deliver a regulatory regime that ensures market confidence and delivers strong consumer protection.”


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There are 6 comments at the moment, we would love to hear your opinion too.

  1. Wheatley worked for the London Stock Exchange for 18 years, including six years on its board.[1] He rose to the position of deputy chief executive, and was closely involved with the failed merger with Deutsche Borse which resulted in Gavin Casey’s resignation from the LSE. In 2003, Wheatley earned a salary of £224,000 last year and a bonus of £318,000. However, he was made redundant in February 2004; he was expected to receive a severance package of at least £210,000.[2]

    [edit] In Hong KongIn June 2004, Wheatley joined Hong Kong’s Securities and Futures Commission, the market regulator which oversees the Hong Kong Stock Exchange and the Hong Kong Futures Exchange, as its executive director for market supervision in June 2004. In September 2005, it was announced that he would replace Andrew Sheng as SFC chairman. Sheng had served in that position since 1998.[1] Wheatley’s tenure was marked by aggressive anti-insider trading enforcement.[1][3] He also made waves with the SFC case against Richard Li’s attempt to buy out public shareholders in PCCW and take the company private again, describing the shareholder vote on the issue as marked by “malpractice and manipulation of voting”; the SFC won a case blocking the buyout on appeal.[3][4] However, his handling of the Lehman Brothers minibond scandal led to protests by investors who did not receive compensation for their losses.[3]

    Wheatley announced his resignation in December 2010, to be effective in mid-2011, roughly three months before the expiration of his contract. Wheatley’s total compensation package in 2010 amounted to HK$9.09 million, including HK$7.2 million in basic salary, HK$1.35 million in discretionary pay, and HK$540,000 in retirement scheme contributions. He will return to Europe to take up a position with a regulatory agency there.[5]

    [edit] References^ a b c “Martin Wheatley appointed as Hong Kong SFC chairman”, Forbes, 2005-09-30,, retrieved 2010-12-09
    ^ “Wheatley steps down at LSE”, The Telegraph, 2004-02-07,, retrieved 2010-12-09
    ^ a b c Stein, Peter (2010-12-08), “Wheatley: Was It His Choice?”, The Wall Street Journal,, retrieved 2010-12-09
    ^ Tang, Theresa; Lee, Mark (2009-04-22), “Li’s Blocked PCCW Buyout May Deter ‘Share Splitting'”, Bloomberg News,, retrieved 2010-12-09
    ^ Liaw, Tony (2010-12-09), “Europe job beckons as SFC chief calls it quits”, The Standard,, retrieved 2010-12-09
    Retrieved from “”

  2. Let’s hope he is less of a knob that the current incumbant!

  3. Excellent choice if true

  4. A step in the right direction. I look forward to seeing the rest of the team.

  5. I forgot to mention that I kept a curious eye on Hong Kong’s creation of their regulator, the legislation was remarkably similar to the FSMA 2000 with one, or two, notable exceptions. My contact there told me they had to keep it legal and that was why they did what they did.

    It will be interesting to see how the third version of financial services legislation is written.

    I can see them now, poring over the existing rulebooks… well what would you do if you were a former regulator and someone said ‘go and create a new regulator’?

    Can society stand any more of this?


  6. Almost certainly this will put a few noses out of joint at the FSA. Margaret Cole, currently Head of Enforcement, was hotly tipped to take on this role. It seems that the old boy’s club is losing its influence as Chris Pond, who used to be Director for Financial Capability, was effectively demoted when the new CFEB agency was formed.
    My thoughts are, watch the splashes as the rats desert…….
    PS. The recruitment of an ‘outsider’ shows some realism from the board. If only the FSA had shown this degree of determination a few years ago there may have been no political need to split it up.

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