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Martin Wheatley ‘disappointed’ to leave FCA

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FCA chief executive Martin Wheatley says he is “disappointed” to be stepping down in September.

On Friday the regulator announced Wheatley is leaving after Chancellor George Osborne said “different leadership” was needed.

Speaking at the FCA’s annual public meeting in London today, Wheatley said: “Frankly I am disappointed to be moving on and I do so with a sense of unfinished business.

“But I have no doubt that under John Griffith-Jones’ chairmanship the executive committee will continue to push the organisation to build on the successes of the past two years.”

Griffith-Jones said: “I would like to pay tribute to Martin Wheatley.

“Establishing a culture at any new organisation is a pretty lonely top-down process.

“Under his leadership the FCA has quickly established itself as a truly effective regulator characterised by his own immense professionalism, high standards and unquestionable integrity.

“On a personal note, I would like to thank Martin for this wise counsel and strong leadership in the first two years of the FCA.”

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Comments

There are 24 comments at the moment, we would love to hear your opinion too.

  1. And the ‘successes of the past two years’ are what Martin?

  2. I bet he’s disappointed. So would I be if I was losing a £700k a year cushy number

  3. Griffith-Jones, can forget the praise for MW he has enough to worry about with pending reviews of HBOS and CO-OP.

    John can I give you some “wise council” ……….run, hide, resign, not necessarily in that order.

  4. Trevor Harrington 22nd July 2015 at 12:01 pm

    There are certain times when the Prime Minister of the day needs to ignore the cosy city protocol, and make it perfectly clear what he is doing.

    This is precisely one of those occasions.

    I would advocate that he calls a press conference on the steps of Downing street, and that he should then make it perfectly clear that Martin Wheatley has been sacked … he has not stepped aside … he has not resigned … he is not looking for greater challenges in the profession … and he is not going because he wants to spend more time with his family …

    He has been sacked, and it would be good for the entire country, be they directly connected to Financial Services or not, to know that he has been specifically and unequivocally … sacked.

    I would also say that if he has not been sacked … he bloody well should have been.

  5. Of course everything in his garden was rosy that’s why he’s leaving. He might get the plaudits from those trained to give plaudits but keeping control of his organisation’s costs wasn’t one of his skills. Nor was it communication about pending reviews that caused mayhem in the city but hey ho, off he goes, plaudits ringing in his ears.

  6. Christian Patricot 22nd July 2015 at 12:42 pm

    The success? I guess 4 years top salary, early pay-off (?), nice pension fund, cushy job with the establishment. Remember Howard Davies, another debacle, inability to comprehend after years at FSA that as Chancellor of UCL accepting money from Ghadaffi’s son does not look good. Where is he now? Advising Gvt on airport expansion. And of course there was Hector Sants. If there is a way of coming back to this Earth in a future life, I am joining the Regulators or second best a compliance dept!

  7. Christian Patricot 22nd July 2015 at 12:44 pm

    Sorry Howard Davies was not at UCL. He was at the LSE, that is London School of ECONOMICS. May be money laundering and ethics are not part of the curriculum?

  8. Osborne should take this opportunity to have a complete review of another failed regulator. If he really is interested in freeing business from red tape the FCA would give him an opportunity to make a real difference. Wheatley was useless from the start. He promised a different, listening regulator but it was more of the same with ever rising costs and failed initiatives.

    Has a single consumer benefited by what he has done? I doubt it.

    But I know for sure that they are all paying more for their ‘transparently priced’ investments.

  9. Julian Stevens 22nd July 2015 at 1:01 pm

    Disappointed perhaps but, in view of the long list of things that have either gone wrong on his watch or which, having inherited them from his predecessor, he should have but hasn’t put right, he can hardly be surprised.

    Then again, maybe, privately, he’s thinking to himself “I’m not bloody surprised that the only way Hector was persuaded to stay on was the promise of a knighthood.”

  10. Situations Vacant – MD of Financial Regulator.

    No experience needed but must be able to deploy alibi’s at a moments notice and ensure that the Treasury does not get drawn into the quagmire.

    Salary £720.000 plus perks (chauffeur, car, expense account, £45k into pension, guaranteed OBE (maybe a knighthood) and entry to the old boys revolving door network.

    No applicants with experience of financial advice please!

  11. Julian Stevens 22nd July 2015 at 2:00 pm

    Joking aside, perhaps the first order of business for Wheatley’s successor should be to demand from his fellow execs a list of all the aspects of the FCA’s performance to date with which the industry it purports to regulate are unhappy. That list should be made available for public scrutiny and public input. The finished article should then form the basis of a meaningful plan of action to improve the way in which the FCA operates and how it interacts with those forced to fund its very existence. A sort of Regulatory Standards of Practice Review.

    Needless to say, there should be none of the usual phoney tosh about how the FCA “has taken on board” these submissions, as we all know just what’s actually done with them.

  12. James Mc Grory 22nd July 2015 at 2:08 pm

    He has lost a salary gained a bonus and a pension , the victims have lost their businesses their homes is some cases their families .Who is the victim here the regulator ? or the powerless victims?

  13. Trevor Harrington 22nd July 2015 at 2:55 pm

    Will somebody please get Garry Heath involved …. NOW …. and please all of you … you must make sure that you have joined Libertatem.

  14. Ah so that’s why all of the fees have gone up so much

  15. Lets hope some sense will return to the lending market and unlock some of those prisoners held by ridiculous affordability tests. Goodbye and good riddance.

  16. I echo Trevor Harrington’s call – APFA is a dead beast limping and Garry Heath has a better handle on how to make change occur. For sure it’s not about endless meetings.

  17. I think you may all be missing a point. Perhaps Mr Wheatley had the temerity to tell Boy George a few home truths and point out that most of his ‘clever’ new measures are crap economics even if they are cute politics.

    • I suspect that it might indeed have been a case of our Chancellor needing to show who is boss.
      Following the near contempt the FCA has shown in the past to Commons select committees, it might have been felt necessary to give a reminder that ‘independent of Government’ is not meant to be taken too literally.

  18. This goes beyond incompetent management at the top, middle, lower middle, squeezed middle and bottom of the regulator. Regulation has replaced legislation inappropriately, consumers who need protecting are being hoodwinked and conversely the FOS provides a route for the articulate to be over-compensated for losses they have not suffered. The regulator is not genuinely answerable to anyone, and they are allowed to simply increase the amount paid by those they regulate when they as regulators cannot control their costs or target their activities on things that really matter. The Regulation of Financial Services in the UK is entirely broken. They get involved in things which should be handled by the courts and yet do not do enough to regulate things like product manufacture and distribution, focusing far too heavily on advice and not on product design. Wheatley is just the tip of a crappy iceberg.

  19. Trevor Harrington 22nd July 2015 at 7:57 pm

    Join Libertatem immediately ….
    Garry Heath might (?) be able to achieve something …
    Certainly more than we can by shouting from the sidelines …
    I know of no realistic alternative to Libertatem …
    It is only £240 squids … for heavens sakes … give him the money … and your mandate … and lets see what he can do …

  20. I suspect, based on past form, that the shouters from the sidelines will be less inclined to cough up a few quid to load Garry Heath’s gun. Just ask Gill Cardy.

  21. Julian Stevens 23rd July 2015 at 9:24 am

    Disappointment is one thing but, I wonder, does he have any regrets or things about which, as do we, he feels he ought to apologise?

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