The Financial Conduct Authority (FCA) has confirmed the departure of one of its most senior executives, Sarah Mills, who served as executive director of consumers and competition. Her resignation marks another significant change within the UK's primary financial regulatory body.
Sarah Mills officially stepped down from her position on 31 May, according to internal communications seen by Financial News. The FCA has acknowledged her departure but has not provided detailed reasons for her exit.
Key Role and Responsibilities
During her tenure, Mills oversaw critical divisions within the regulator, including consumer protection, competition policy, and retail banking supervision. Her position placed her at the forefront of the FCA's efforts to ensure fair treatment of consumers across financial services.
Mills joined the FCA in 2021 from the Cabinet Office, where she served as director of the financial services and markets branch. Her government background brought valuable cross-departmental experience to the regulator during a period of significant post-Brexit financial services reform.
Regulatory Impact and Transition
The timing of Mills' departure comes as the FCA continues to implement its new consumer duty regulations, which represent one of the most substantial regulatory shifts in recent years. The duty requires firms to demonstrate they're delivering good outcomes for retail customers.
An FCA spokesperson confirmed the departure, stating: "We can confirm that Sarah Mills left the FCA at the end of May. We are grateful for her contribution and wish her well for the future."
The regulator has not yet announced a permanent replacement, with interim arrangements expected to be put in place while a recruitment process is conducted.
Broader Context of FCA Leadership Changes
Mills' exit follows other recent senior departures from the regulator, including the former executive director of markets, Emily Shepperd, who left last year. These changes come during a period of strategic refocusing for the FCA under chief executive Nikhil Rathi.
The FCA has been undergoing significant organisational transformation, including moving more staff outside London and implementing new working practices. Mills' departure represents another evolution in the regulator's leadership team as it adapts to post-Brexit regulatory responsibilities.
Industry observers will be watching closely to see how the FCA manages this transition, particularly given the ongoing implementation of the consumer duty and other significant regulatory initiatives currently underway.
