How will history judge Martin Wheatley after he stands down from the FCA? Realistically, history will not even remember him. It barely remembers any of his predecessors at the variety of regulators since the Financial Services Act came into force in 1986.
To some extent, the role of the regulator is like that of a football referee. If you notice them too much they have probably been a little officious and not allowed the game to flow. On that basis, how would you score Wheatley? Probably quite well. He has more than tinkered with the 'game' – everything from RDR to inducements and a number of 'Dear CEO letters' mean most people know his name. But while our part of the financial services industry might grumble about these areas, think how the pay day loans sector must feel, or the high street banks. If his legacy is to put a cap on the ...
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