Martin Wheatley

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Martin Wheatley
Occupation Advisor to the Board
Employer Financial Conduct Authority
Location London

Martin Wheatley is a financial industry regulator who stepped down as chief executive of the Financial Conduct Authority on Sept. 12, 2015. He was appointed to the position in February 2011, and was also elected to the management board of the European Securities and Markets Authority (ESMA) in November 2011.[1] He will continue to act as an adviser to the FCA Board until January 31, 2016 with a particular emphasis on the implementation of the Fair and Effective Markets Review, which he co-chaired.[2]

Some reports said he had stepped down after being told by the Chancellor, George Osborne, that he wouldn’t be kept on for a third term.[3] [4]

Wheatley served as the top regulator for UK securities markets. The FCA oversees the conduct of financial firms and how they treat their customers and counterparties.[5][6]

He was also the CEO designate of the Consumer Protection and Markets Authority, which started up at the end of 2012.

He served on the Advisory Committee, SFC (HKEC Listing) Committee, Budget Committee, and Executive Committee (Chairman).

In September of 2012, Wheatley called for a sweeping overhaul of Libor, as well as urging investigation into other benchmarks. He said at the time that the British Bankers’ Association, the lobbying group that had overseen the Libor, had “clearly failed to properly oversee the Libor setting process and should take no further role” in running it.

In November of 2014 he fined five banks a total of $1.1 billion to resolve allegations of FX benchmark rigging and furthered an investigation into Barclays PLC, which had also been accused of FX rigging. In July of 2015, he told The Wall Street Journal that efforts to overhaul the Libor had fallen short and that the rate was still calculated based on a hypothetical "best guess" rather than hard data.[7]


Wheatley was first appointed as the executive director, Supervision of Markets, in June 2005. He became the executive chairman in October 2005.[8] With the commencement of the Securities and Futures (Amendment) Ordinance 2006, which amends the SFO to provide for the separation of the role of the chairman of the commission from that of the executive arm of the Commission and to create a chief executive officer (CEO) post, the HKSAR chief executive appointed Wheatley to be CEO.

Before joining the SFC, Wheatley was with the London Stock Exchange (LSE) for over 18 years in various positions, his last being deputy chief executive. He had served on the Board of the LSE for six years. He was also chairman of the FTSE International and sat on the Listing Authority Advisory Committee of the Financial Services Authority of England.[9]


Wheatley qualified as an accountant in 1984. He attained his Bachelor of Arts degree from the University of York, England in 1980, and was awarded a Master of Business Administration degree by the City University, England in 1993.