Financial Conduct Authority  

FCA leadership undergoes 'substantial restructuring'

FCA leadership undergoes 'substantial restructuring'

The helm of the Financial Conduct Authority has undergone a "substantial restructuring" as the regulator confirmed a newly-launched division would be headed up by Sheldon Mills. 

The regulator confirmed Mr Mills would take up the role of executive director of consumers and competition, a new position created last month as part of a merger of the FCA's two supervision departments. 

The supervision divisions have now been merged with the watchdog's policy and competition departments and together will be headed by two executive directors - of which Mr Mills is one.

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The other executive director, who will focus on protecting financial markets, has not yet been appointed.

Jonathan Davidson, currently executive director for supervision of retail and authorisations, will leave the FCA early next year. 

The regulator said the new division involved a "substantial restructuring" of its existing senior management responsibilities for consumer outcomes, which Mr Mills had assumed responsibility of with immediate effect.

Mr Mills was previously interim executive director of strategy and competition, having stepped into the role in February when his predecessor Christopher Woolard temporarily served as chief executive of the FCA. 

He said: "The FCA is a cornerstone in ensuring that we all have the financial products and services we need and that wholesale markets function well to support the economy. 

"The new division will be able to build a strong coordinated regulatory framework to ensure financial services firms of all sizes deliver products and services that meet the needs of many consumers and small businesses across the country and we will continue to support the industry to serve people well at this time of challenge for people and the economy."

Nikhil Rathi, chief executive of the FCA, said: "Sheldon has played a crucial role in supporting consumers during the pandemic. 

"I know that he will bring his knowledge, leadership skills and passion for consumer issues to shape the newly established division and motivate those who work in it to ever higher standards."

Last month FTAdviser revealed Megan Butler had stepped away from her supervisory role at the regulator.

The former executive director for supervision of investments, wholesale and specialist instead took up the helm of the new transformation project as its executive director. 

rachel.mortimer@ft.com

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