BoE chief economist tipped to replace FCA's Wheatley

The Sunday Times reported that George Osborne will start the official recruitment process this week, with the successful candidate officially announced in the coming months.

Wheatley will step down as Chief Executive on September 12 after Chancellor George Osborne said that "different leadership is required". Tracey McDermott will take over as Acting Chief Executive.

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.

A senior bank executive told the Sunday Times:

“Haldane is definitely in the frame and is considered to be young and keen. His one problem is probably a lack of experience in retail banking."

Other rumoured candidates for the role include Minouche Shafik, Deputy Governor of the Bank of England and MPC member.

George Osborne said:

“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.”