Martin Wheatley, who has led the U.K. Financial Conduct Authority (FCA) since it launched in April 2013, will resign his position as chief executive on Sept. 12, the FCA announced on Friday.
He will remain an adviser to the FCA board until Jan. 31, 2016.
Tracey McDermott, former FCA head of enforcement and current director of supervision, investment, wholesale & specialists, will take over as acting chief executive in September, while the search for a permanent chief takes place.
Prior to his appointment with the FCA, which was created in a post-financial crisis shakeup of the regulatory landscape in the U.K., Wheatley was with one of its predecessor agencies, the U.K. Financial Services Authority (FSA). Before that, he was CEO of Hong Kong’s Securities and Futures Commission (SFC).