The Business On... Martin Wheatley, City Regulator


Do I know him?

If you don't now, you soon will. Yesterday he was given the top job at the Consumer Protection and Markets Authority (CPMA), the watchdog that will safeguard the interests of the man in the street when the Financial Services Authority is broken up next year.



So has he spent years championing our interests?

Well, he's currently the boss of the Securities and Futures Commission (SFC) in Hong Kong, their financial regulator, so he knows a bit about policing markets. And before that he spent 18 years working at the London Stock Exchange (LSE), so he's pretty familiar with the intricacies of Britain's financial services industry.



Do they rate him in Hong Kong?

People say he has raised the SFC's game, with a focus on insider dealing cases. He also won more than £500m of compensation for bond savers who lost out when Lehman Brothers collapsed. That wasn't enough for some savers, however. The settlements provoked demonstrations outside the SFC's headquarters that saw protesters burn pictures of Mr Wheatley while blasting the building with Chinese funereal music.



So London should be a doddle after that?

Don't bet on it. The CPMA is a tough gig. The thing about consumer protection is that no one notices you until a scandal blows up – then you become public enemy number one.



So why does he want the job?

Well, it will be a high-profile return to the UK for Mr Wheatley. He left after being made redundant from his post as deputy chief executive of the LSE. Insiders say he was upset not to get the top job at the exchange when it came up in 2001 – Dame Clara Furse was appointed instead.



Did they fall out?

There has been a bit of gossip that Mr Wheatley didn't get on with his new boss. But Dame Clara is on the panel currently making nominations for the CPMA job to the Chancellor, so she must think highly enough of him to recommend him for this job.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs People

Recruitment Genius: Bookkeeper

Negotiable: Recruitment Genius: One of the world's leading suppliers and manuf...

Recruitment Genius: Multiple Apprentices Required

£6240 per annum: Recruitment Genius: Apprentices are required to join a privat...

Sauce Recruitment: HR Manager

£40000 per annum: Sauce Recruitment: This is an exciting opportunity for a HR...

Ashdown Group: Interim HR Manager - 3 Month FTC - Henley-on-Thames

£35000 - £40000 per annum: Ashdown Group: A well-established organisation oper...

Day In a Page

As in 1942, Germany must show restraint over Greece

As in 1942, Germany must show restraint over Greece

Mussolini tried to warn his ally of the danger of bringing the country to its knees. So should we, says Patrick Cockburn
Britain's widening poverty gap should be causing outrage at the start of the election campaign

The short stroll that should be our walk of shame

Courting the global elite has failed to benefit Britain, as the vast disparity in wealth on display in the capital shows
Homeless Veterans appeal: The rise of the working poor: when having a job cannot prevent poverty

Homeless Veterans appeal

The rise of the working poor: when having a job cannot prevent poverty
Prince Charles the saviour of the nation? A new book highlights concerns about how political he will be when he eventually becomes king

Prince Charles the saviour of the nation?

A new book highlights concerns about how political he will be when he eventually becomes king
How books can defeat Isis: Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad

How books can defeat Isis

Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
Judith Hackitt: The myths of elf 'n' safety

Judith Hackitt: The myths of elf 'n' safety

She may be in charge of minimising our risks of injury, but the chair of the Health and Safety Executive still wants children to be able to hurt themselves
The open loathing between Barack Obama and Benjamin Netanyahu just got worse

The open loathing between Obama and Netanyahu just got worse

The Israeli PM's relationship with the Obama has always been chilly, but going over the President's head on Iran will do him no favours, says Rupert Cornwell
French chefs get 'le huff' as nation slips down global cuisine rankings

French chefs get 'le huff' as nation slips down global cuisine rankings

Fury at British best restaurants survey sees French magazine produce a rival list
Star choreographer Matthew Bourne gives young carers a chance to perform at Sadler's Wells

Young carers to make dance debut

What happened when superstar choreographer Matthew Bourne encouraged 27 teenage carers to think about themselves for once?
Design Council's 70th anniversary: Four of the most intriguing prototypes from Ones to Watch

Design Council's 70th anniversary

Four of the most intriguing prototypes from Ones to Watch
Dame Harriet Walter: The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment

Dame Harriet Walter interview

The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment
Art should not be a slave to the ideas driving it

Art should not be a slave to the ideas driving it

Critics of Tom Stoppard's new play seem to agree that cerebral can never trump character, says DJ Taylor
Bill Granger recipes: Our chef's winter salads will make you feel energised through February

Bill Granger's winter salads

Salads aren't just a bit on the side, says our chef - their crunch, colour and natural goodness are perfect for a midwinter pick-me-up
England vs Wales: Cool head George Ford ready to put out dragon fire

George Ford: Cool head ready to put out dragon fire

No 10’s calmness under pressure will be key for England in Cardiff
Michael Calvin: Time for Old Firm to put aside bigotry and forge new links

Michael Calvin's Last Word

Time for Old Firm to put aside bigotry and forge new links