Martin Wheatley is to stand down as chief executive of the Financial Conduct Authority (FCA) from 12 September 2015.

He will continue to act as an adviser to the FCA Board until 31 January  2016 with a particular emphasis on the implementation of the Fair and Effective Markets Review, which he co-chaired.

John Griffith-Jones, chairman of the FCA said:

“Martin has done an outstanding job as chief executive setting up and leading the FCA over the last four years. We owe him a lot and I and my Board would like to thank him for his great efforts in setting up the organisation and for the contribution he has made to putting conduct so firmly at the top of the financial services agenda.

“We all wish Martin well and I am pleased that we will continue to benefit from his wisdom and expertise over the next few months.”

Tracey McDermott will be taking over as acting chief executive from 12 September while the search for a permanent replacement takes place.