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HK regulator will head up UK CPMA

Wednesday 2 February 2011 - by Nicola York

Martin Wheatley, the current head of the Hong Kong Securities and Futures Commission has been confirmed this afternoon as the new head of the UK's Consumer Protection and Markets Authority.

Wheatley was widely tipped for the role, though Financial Services Authority director of enforcement Margaret Cole and Office of Fair Trading head John Fingleton were also believed to be in the running.

The CPMA is a spin off of the Financial Services Authority's consumer division which is being reshuffled under the coalition Government's plans to overhaul the financial architecture. The CPMA is expected to be established by the end of 2012. In the meantime, Wheatley will head up the Consumer and Markets Business Unit at the FSA from September 2011.

Wheatley has been the chief executive office of the HKSFC since 2006 and before this was deputy chief executive of the London Stock Exchange.

He is a member of the Financial Stability Board Sub-Committee on standards implementation. He also sits on the International Organization of Securities Commissions technical committee and chairs the IOSCO technical committee task force on short selling.


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."

In response, 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."


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