Sheldon Mills, one of the Financial Conduct Authority's most senior executives, is set to leave the City watchdog in the coming months, concluding an eventful eight-year tenure.
A New Role in AI Regulation
Upon his departure, Mr Mills has been asked to spearhead a significant government-backed review into the rapidly growing use of artificial intelligence in delivering financial advice to consumers. This move highlights the increasing regulatory focus on the intersection of technology and finance.
Mr Mills, who holds the title of Executive Director for Consumers and Competition, joined the FCA in 2018. His planned exit from one of the UK's most powerful economic regulators was communicated to FCA staff late last week.
Leadership Shuffle at the FCA
Insiders have revealed that the financial services watchdog will soon begin advertising for a new Executive Director of Markets. In the interim, Mr Mills's executive duties are being covered by Sarah Pritchard and David Geale from the Payment Systems Regulator.
It is also understood that Mr Mills, who has previously chaired the LGBTQ+ charity Stonewall, has been on a leave of absence for much of the past twelve months.
Broader Regulatory Context
This leadership change comes just months after the FCA's chief executive, Nikhil Rathi, was appointed to a second five-year term by Chancellor Rachel Reeves. The shake-up occurs against a backdrop of government pressure on Britain's main economic regulators to adopt more growth-oriented policies and cut red tape for businesses, as the UK economy faces ongoing challenges.
The FCA declined to comment on the developments when approached on Sunday.
