The Government has announced that Martin Wheatley will become chief executive designate of the Consumer Protection and Market Authority (CPMA). His formal appointed will be made at the end of 2012 when the new body has been established.
The Financial Services Authority (FSA) also announced that Mr Wheatley would become the new managing director of the FSA’s consumer and markets business unit from 1st September 2011. He will work with the current FSA executive team as the FSA prepares its transition to the new regulatory structure.
Ray Cohen, compliance expert and MD of Jackson Cohen, explained: “All brokers will be regulated by the CPMA after the transition. Only time will tell how things will change as Mr Wheatley will be setting the tone of the body over the coming months.”
Changes in regulation are part of the wider reform of the financial regulatory system set out by George Osborne, Chancellor of the Exchequer, in his Mansion House speech last summer. Further details on the proposed changes to the structure are due to be set out following a consultation at the end of the month, and by the end of 2012 all aspects of the new regulatory structure should be established.
Financial Secretary to the Treasury, Mark Hoban said:“I am very pleased that Mr Wheatley has agreed to join the FSA to help it transition to the new CPMA. He will help shape the new body to be an effective and focused conduct of business regulator, ensuring that consumers of financial services are protected and financial markets work effectively.
“This appointment is a key step in the establishment of the CPMA. Mr Wheatley is a widely respected regulator and extremely well-qualified to take on this vital role. His responsibilities in Hong Kong have included dealing with complex retail and wholesale market issues in one of the world’s leading international financial centres. He also has a strong track record in protecting consumers, for example dealing with the investment product mis-selling which has emerged in Hong Kong in the wake of the collapse of Lehman Brothers in late 2008.”
Martin Wheatley is also pleased with his new role. He said: “I am delighted to join the FSA and the future CPMA and look forward to working with the Bank of England and the Treasury to create the new regulatory structure.”