Chairman of the Australian Securities and Investments Commission Greg Medcraft could be the new FCA boss after Martin Wheatley ousted

Jessica Morris
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Wheatley was ousted from the FCA in June (Source: Getty)

The head of the Australian financial regulator is being touted as a possible successor to ousted Financial Conduct Authority (FCA) boss Martin Wheatley.

Greg Medcraft, who is chairman of the Australian Securities and Investments Commission, has been contacted by recruiters about the position according to the FT.

The FT reported that the process is still at an early stage and a conversation is yet to take place between the Treasury and Mr Medcraft, however he's said to be seriously considering the high-profile position.

Read more: George Osborne ousts Martin Wheatley from FCA

Wheatley resigned in June after learning that Chancellor George Osborne wouldn't renew his contract which was due to end in March next year. Osborne had said the government sought "different leadership" to take the FCA "to the next stage of its development".

Wheatley was bought in by the government in 2008, during the global financial crisis, to overhaul City practice. During his tenure the FCA suffered heavy criticism after a botched press briefing sent shares in insurance companies plunging, resulting in Wheatley and three others having their bonus revoked.

The FCA's former head of supervision, Tracey McDermott, is acting chief executive during the search for a permanent replacement.

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