Mark Branson, the chief executive of Switzerland's Financial Market Supervisory Authority, is said to be among the contenders for the top position at the UK's Financial Conduct Authority, according to a report by Sky News.

Chancellor George Osborne is expected to decide “within weeks” on the successor to Martin Wheatley, who stepped down as CEO of the regulator after the government said that it required “different leadership” in July. Branson has led FINMA only since April last year.

Others understood to have been interviewed for the role are Tracey McDermott, the FCA's acting CEO, and Greg Medcraft, the chairman of the Australian Securities and Investments Commission, according to the report.

Wheatley, who officially left in September after four years at the helm, is continuing to act as an advisor to the regulator's board until 31 January next year.

The FCA has seen a considerable amount of high-level to-ing and fro-ing over the last year, notably with the exit of Clive Adamson, who had been under fire over his role as head of supervision, and the appointment of Georgina Philippou as its new chief operating officer.

The FCA declined to comment, although HM Treasury may respond soon. A spokesperson for FINMA said: “Mark Branson is very committed to FINMA and his CEO role and is not available for other positions.”