We need a proactive financial regulator
As the Treasury Select Committee issued its report on financial regulation and Martin Wheatley was named as chief executive of the Consumer Protection and Markets Authority (CPMA), Which? chief executive, Peter Vicary-Smith, said: “Consumers need a strong, proactive regulator which is prepared to stand up for their interests and actively promote competition, so that there are stronger incentives to treat customers fairly and offer good value for money.
“The ultimate purpose of regulation is to ensure that markets work well for consumers.
“Martin Wheatley brings a detailed knowledge and experience of the regulation of financial markets. As further appointments to the CPMA board are made it will be important for the government to include a proper balance of members with experience and knowledge of consumer issues.”
Martin Wheatley’s appointment is effective from 1 September 2011, and at that time he will also join the FSA Board. Commenting on the appointment, Adair Turner, FSA chairman, said: “Over the next two years the FSA needs to design and launch our two successor bodies; the Prudential Regulation Authority within the Bank of England and the CPMA. I am very pleased that from September Martin will be joining us to play a key role in shaping the design of the CPMA, which he will subsequently lead as CEO.”