Bank of England (BoE) chief economist Andy Haldane was tipped to replace outgoing Financial Conduct Authority (FCA) Martin Wheatley by press reports over the weekend.

In July Wheatley announced he would step down from his role at the regulator, effective 12 September 2015. Tracy McDermott, a director at the FCA, was announced as his temporary replacement until a more permanent successor was found.

It later emerged that Wheatley had announced his decision after UK chancellor George Osborne revealed he was not going to renew his contact.
Now The Sunday Times has reported that Haldane is the frontrunner in the recruitment process for Wheatley’s replacement, due to start this week.

The paper quoted a senior bank executive as saying: "Haldane is definitely in the frame and is considered to be young and keen. His one problem is probably a lack of experience in retail banking."

Haldane, 48, has a reputation as an independent free thinker and an advocate of tough regulation for financial services, according to the press reports.

The Sunday Times placed the incoming FCA chief on a basic annual salary of £460,000, a considerable rise on Haldane’s current reported salary of £189,000.

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