The first chief executive of the Financial Conduct Authority, Mr Wheatley, stood down after being told that his contract would not be renewed by the Conservative government that was voted into power two months ago. Mr Wheatley has been part of the worldwide trend which has relentlessly punished and fined banks over the last few years.
The regulator and the regulated
Barney Reynolds, an adviser to several large London institutions at Shearman & Sterling, said: 'The antagonism between regulator and regulated was really getting quite acute. This is about a subtle change of tone being required with a reboot - but I don’t think anyone expects regulations to be watered down, and obviously wrongdoing will continue to be punished appropriately.' Source: Financial Times
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