The chief executive officer of UK regulator the Financial Conduct Authority (FCA) will step down in September.
The FCA confirmed that George Osborne, the UK Chancellor of the Exchequer, had indicated Martin Wheatley's position on the FCA board would not be renewed.
Executive board member Tracey McDermott has been appointed as acting chief executive, while the search for a permanent chief executive takes place.
Wheatley 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.
Osborne said: “Britain needs a tough, strong financial conduct regulator. Martin Wheatley has done a brilliant job of launching the FCA in tough circumstances.
“Now that phase is complete, the government believes that different leadership is required to build on those foundations and take the organisation to the next stage of its development.
“The government is launching a worldwide search; Martin’s replacement will – like him – 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.
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.
"We all wish Martin well and I am pleased that we will continue to benefit from his wisdom and expertise over the next few months."
Wheatley added: "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.”
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