HK finance watchdog chief in frame to lead CPMA

Martin Wheatley, the chief of Hong Kong’s financial regulatory body, has emerged as one of the leading candidates to head the Consumer Protection and Markets Authority (CPMA).

Wheatley has said that he plans to leave his role at the Hong Kong Securities and Exchange Commission in June and is thought to be in the frame for the lead role at the CPMA, which will be formed alongside the Prudential Regulatory Authority when the FSA is broken up in 2012 and whose responsibilities will include regulating advisers.

According to the Financial Times, Wheatley, a former deputy chief executive at the London Stock Exchange, is competing with the likes of Margaret Cole, director of enforcement at the FSA, for the role. Other names touted include Carol  Sergeant, the former FSA director and former head of risk at Lloyds Banking Group, and John Fingleton, head of the Office of Fair Trading. (article continues below)

It is thought that a decision on the role will be made within the next few weeks.

The Financial Times also reports that Ken Hogg, head of insurance at the FSA, is set to leave the regulator and is considering a return to the private sector. He joined the FSA from MGM Assurance in July 2009.