Martin Wheatley unveiled as new financial regulator

The Treasury has unveiled Hong Kong’s top financial regulator Martin Wheatley as chief executive designate of the new Consumer Protection and Markets Authority.

Wheatley, who has served five years as chief executive of Hong Kong’s Securities and Futures Commission, to the top job at the CPMA - one of the two regulatory bodies that will be formed from the planned break-up of the FSA.

The CPMA, which will be the key regulator for insurance brokers, is expected to be up and running by the end of 2012.

The FSA also announced Wheatley’s appointment as the new managing director of its Consumer and Markets Business Unit, which willdiscahrge many of the functions of the new CPMA in shadow form. The appointment is effective from 1 September 2011, and at that time he will also join the FSA Board.

Prior to working in Hong Kong, Wheatley held various roles including deputy chief executive of the London Stock and sat on the FSA’s Listing Authority Advisory Committee.

FSA chief executive Hector Sants said: “We look forward to Martin joining us later this year. He will join our executive team at a time of considerable change, as the FSA continues to deliver its intensive supervisory approach, influence the international regulatory policy agenda and design the structure of the two future authorities. As one of our managing directors his remit will include supervision, markets and the regulation of firms’ conduct.”

Wheatley said: “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.”

FSA chairman Adair Turner said: “Over the next two years the FSA needs to design and launch our two successor bodies; the Prudential Regulation Authority within the Bank of England and the CPMA. I am very pleased that from September Martin will be joining us to play a key role in shaping the design of the CPMA, which he will subsequently lead as CEO.”