Martin Wheatley will resign as CEO of the Financial Conduct Authority effective Sept. 12, said a spokeswoman for the regulator.
He will continue to act as an adviser to the FCA board until Jan. 31.
Mr. Wheatley led the FCA for four years. A statement by George Osborne, U.K. chancellor of the exchequer, said the FCA now needs different leadership to take it forward.
“Britain needs a tough, strong financial conduct regulator. (Mr. Wheatley) has done a brilliant job of launching the FCA in tough circumstances,” said Mr. Osborne. “Now that phase is complete, the government believes that different leadership is required to build on those foundations and take the organization to the next stage of its development.”
Mr. Osborne said the government is launching a worldwide search for a replacement, who will “need to be passionate about protecting consumers, promoting competition and completing the job of cleaning up The City so it is the best-regulated market in the world.”
He said Tracey McDermott, director of supervision-investment, wholesale and specialists at the FCA, will become acting CEO on Sept. 12 during the search for a permanent replacement. The FCA spokeswoman said Ms. McDermott’s current role also will be taken on by another during that time, but further details were not available.