FCA appoints interim replacement for Woolard

Sheldon Mills has been appointed as interim executive director of strategy and competition, replacing his predecessor Christopher Woolard when he becomes interim chief executive at the watchdog in March. 

The changes come as Andrew Bailey prepares to depart for his new position as governor at the Bank of England later this year. 

Mr Mills joined the FCA in September 2018 from the Competition and Markets Authority, where he served as a senior director for mergers and state aid.

Upon his arrival at the regulator Mr Mills, who will join the FCA's executive committee in his new role, promised "real and lasting change" in his responsibilities addressing competition in the industry and targeting anti-competitive behaviour in the market. 

Today he said: "I am delighted to be stepping up to lead the FCA’s strategy and competition division.

"The FCA’s work makes a real difference to the everyday lives of people across the UK. I’m committed to continuing that crucial work in developing robust policy, promoting competition and encouraging innovation."

In November last year Mr Mills backed the idea of open finance, which allows companies to share data about their client, as a means to increasing access to financial advice. 

Speaking at The Investments and Savings Alliance open finance conference in London he said open finance was an area of significant interest for the regulator which could "substantively change" the nature of competition in the market. 

Mr Woolard said: "Sheldon has extensive experience and a proven track record in regulation and competition policy and law.

"Since joining the FCA he has been an inspirational leader and shown his ability to deliver large, complex projects. His appointment will ensure the FCA continues to deliver for consumers."

rachel.mortimer@ft.com 

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