Since his appointment as head of the UK's newly created Financial Conduct Authority (FCA) in September 2011, Martin Wheatley has often had to act more like a sheriff in a Wild West town than a run-of-the-mill regulator, confronted as he was by a UK financial sector which appeared to have let its ethical standards reach an all-time low.
After four years of cracking heads and handing out some eye-watering fines to leading City of London institutions, Mr Wheatley made few friends in the industry. Famed for his bluff demeanour and tough stance toward misbehaviour, he was very much suited to the task in hand. However, in July this year he was informed by George Osborne, the UK’s chancellor of the exchequer, that he would soon have to hand in his spurs. The general consensus is that the UK Treasury now wants someone who can foster a more cordial, and less combative, working relationship with the industry
