FCA leader’s departure revealed just 1 day after board meeting

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FCA leader’s departure revealed just 1 day after board meeting

Friday Aug 28th , 2015

Tom Wright

The FCA discussed the handling of Chief Executive Martin Wheatley’s departure just one day before making the announcement, according to minutes published on its website.

The record of the meeting, dated 16th July, shows that members of the board attended to “consider a number of issues stemming from the very recent decision of HM Treasury not to renew Martin Wheatley’s appointment as Chief Executive”.

The minutes stated: “It was agreed that Mr Wheatley’s employment contract would be terminated by mutual agreement and he would step down as Chief Executive at an agreed date prior to 31 March.”

The board agreed that they would recommend Tracey McDermott take the role of interim chief executive.

Neither Tracey nor Martin were in attendance.

Martin said at the time of the announcement that he was incredibly proud of what the regulator had achieved over the past four years and was certain it will continue.

“I know that the organisation will build on that strong start and work so that the financial services industry continues to thrive,” he said.

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