Concerns remain over whether CPMA boss will have enough insurance knowledge

Hong Kong’s top financial regulator Martin Wheatley has been unveiled as chief executive-designate of the Consumer Protection and Markets Authority (CPMA).

Wheatley will take over the top job at the CPMA, which will be the insurance industry’s key regulator when it is established at the end of next year, following the government’s planned break-up of the FSA.

Wheatley will take the new role of managing director of the FSA’s consumer and markets business unit from the beginning of September, where he will be responsible for shaping the CPMA.

Wheatley is currently chief executive of Hong Kong’s Securities and Futures Commission. Before that, he was deputy chief executive of the London Stock Exchange.

Law firm Beachcroft partner Mathew Rutter expressed concern that Wheatley’s lack of an insurance industry track record meant he might not fully understand the sector.

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