FCA chief Martin Wheatley to step down

Wheatley will continue to oversee the review as an advisor to the board until the end of January 2016

The FCA's chief executive, Martin Wheatley, will step down in September (AFP/Getty Images)

Martin Wheatley, the chief executive of the Financial Conduct Authority, is to step down in September.

The FCA is the UK's most important non-government regulatory body for the financial sector. Wheatley has been its head over the last four years, chairing the implementation of the Fair and Effective Markets Review, part of a wide-ranging review of the banking system that was planned to improve trust in the system.

Wheatley will continue to oversee the review as an advisor to the board until the end of January 2016.

"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," Wheatley said in a statement.

Tracey McDermott, an executive board member, will act as chief executive from September while a permanent replacement is found.