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03/02/2011
New Consumer Protection CEO-Designate Appointed
The Government today announced that Martin Wheatley will become Chief Executive designate of the Consumer Protection and Markets Authority (CPMA).
He will be formally appointed to the post of chief executive once the new body has been established at the end of 2012.
As part of this, the Financial Services Authority (FSA) also announced today that Mr Wheatley has been appointed as a new managing director of the FSA's consumer and markets business unit from 1 September 2011. He will work with the current FSA executive team to prepare for the transition from the FSA to the new regulatory structure. When he takes up this post, the Government will appoint him to the Board of the FSA.
The CPMA will have the primary objective of promoting confidence in financial services and markets, with particular focus on ensuring that consumers of financial services are protected and that financial markets work effectively.
These changes are part of the wider reform of the financial regulatory system set out by the Chancellor of the Exchequer, George Osborne, in his Mansion House speech last summer. The Government will set out further detailed proposals on financial regulation reform in a consultation to be launched later this month. Following this consultation, the Government intends to publish a draft Bill in the Spring for pre-legislative scrutiny, before the Bill is formally introduced into Parliament.
The Government aims to establish the new regulatory structure by the end of 2012. Subject to Parliamentary timetabling, legislation will be introduced later this year and should achieve Royal Assent in mid-2012.
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.
Martin Wheatley 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.”
(BMcN)
He will be formally appointed to the post of chief executive once the new body has been established at the end of 2012.
As part of this, the Financial Services Authority (FSA) also announced today that Mr Wheatley has been appointed as a new managing director of the FSA's consumer and markets business unit from 1 September 2011. He will work with the current FSA executive team to prepare for the transition from the FSA to the new regulatory structure. When he takes up this post, the Government will appoint him to the Board of the FSA.
The CPMA will have the primary objective of promoting confidence in financial services and markets, with particular focus on ensuring that consumers of financial services are protected and that financial markets work effectively.
These changes are part of the wider reform of the financial regulatory system set out by the Chancellor of the Exchequer, George Osborne, in his Mansion House speech last summer. The Government will set out further detailed proposals on financial regulation reform in a consultation to be launched later this month. Following this consultation, the Government intends to publish a draft Bill in the Spring for pre-legislative scrutiny, before the Bill is formally introduced into Parliament.
The Government aims to establish the new regulatory structure by the end of 2012. Subject to Parliamentary timetabling, legislation will be introduced later this year and should achieve Royal Assent in mid-2012.
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.
Martin Wheatley 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.”
(BMcN)
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