Martin Wheatley had resigned as CEO of the Financial Conduct Authority (FCA) after the British government refused to extend his contract, which was due to end in March 2016.
In a statement, FCA said Wheatley will step down on 12 September 2015. However, he will continue to act as an adviser to the FCA Board until 31 January 2016 with a particular emphasis on the implementation of the Fair and Effective Markets Review, which he co-chaired.
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Wheatley will be replaced temporarily by Tracey McDermott, the regulator’s former enforcement chief, the statement added.
Wheatley said: "I am incredibly proud of all we have achieved together in building the FCA over the last four years. I know that the organisation will build on that strong start and work so that the financial services industry continues to thrive.
"I am pleased that we are able to call on someone of Tracey’s ability and stature to take up the post of acting chief executive. I am grateful to her for taking on this role and I know she will do a great job," Wheatley added.
John Griffith-Jones, chairman of the FCA said: "Martin has done an outstanding job as chief executive setting up and leading the FCA over the last four years. We owe him a lot and I and my Board would like to thank him for his great efforts in setting up the organisation and for the contribution he has made to putting conduct so firmly at the top of the financial services agenda."
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