FCA boss Wheatley says he won’t quit over insurance blunder
Martin Wheatley is not intending to step down as chief executive of the Financial Conduct Authority after last week’s embarrassing episode when it bungled an announcement on a new insurance probe.
The regulator is investigating the fees and charges faced by savers with policies dating back forty years.
The announcement saw shares in insurers plummet by as much as 11.5 per cent.
Wheatley has already taken responsibility for the “extraordinary blunder”, saying “this was not the FCA’s finest hour”. This morning, he told BBC Radio 5 Live:
Yes, I will stay in my job. We've got a big job to do. The market did respond. It responded in ways that I don't think anybody had quite expected. We therefore put out a clarification note on the same day. But it was a surprising response to a piece of work that we will do over the course of this year.