One of many Metropolis watchdog’s prime executives is to step down after an eventful eight-year tenure through which he additionally utilized to run Britain’s competitors regulator.
Sky Information has learnt that Sheldon Mills, the Monetary Conduct Authority’s (FCA) government director, customers and competitors, is to depart within the coming months.
Mr Mills, who joined the FCA in 2018, is known to have been requested to steer a evaluation of the rising use of synthetic intelligence within the supply of economic recommendation to customers after he steps down.
His departure from one of many UK’s strongest financial regulators is known to have been communicated to FCA staff late final week.
Mr Mills, who has additionally chaired Stonewall, the LGBTQ+ charity, is claimed to have been on a depart of absence for a lot of the final 12 months.
The FCA web site says his government duties are “at present being coated by Sarah Pritchard and David Geale, Managing Director, [Payment Systems Regulator]”.
Insiders stated the monetary providers watchdog would shortly promote for a brand new government director of markets, Ms Pritchard’s former position.
The shake-up comes months after Nikhil Rathi, the FCA chief government, was appointed to a second five-year time period by Rachel Reeves, the chancellor.
Ministers have been urgent Britain’s most important financial regulators this yr to undertake growth-oriented insurance policies and take away pink tape for companies because the economic system struggles.
The FCA declined to touch upon Sunday.
