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The UK’s Financial Conduct Authority (FCA) has announced the appointment of Sarah Pritchard as its new Deputy Chief Executive. This decision comes as the regulatory body takes on expanded responsibilities in areas such as digital finance, stablecoins, and Buy Now Pay Later (BNPL) products.
FCA Expands Its Mandate in Digital Finance
The formal creation of the Deputy CEO role highlights the FCA’s growing oversight in the fast-evolving financial landscape. Pritchard, who has been with the FCA since 2021, will retain her current responsibilities, including leadership on consumer protection and competition. In her new role, she will also assist Chief Executive Nikhil Rathi in managing the FCA’s day-to-day operations.
Earlier this month, the FCA proposed lifting its ban on crypto exchange-traded notes (ETNs) for retail investors, provided these products are issued by FCA-approved exchanges. While this move signals a potential shift in the FCA’s stance on crypto-related products, the regulator emphasized that investor protection measures, including financial promotion rules, will remain firmly in place. However, the ban on crypto derivatives for retail investors continues.
New Challenges and Opportunities for the FCA
The FCA’s remit has expanded to include the integration of the Payment Systems Regulator and the development of a forward-looking regulatory framework for digital assets. This shift aligns with the UK’s ambitions to remain competitive in the global financial sector while balancing risk and innovation.
On the international stage, Pritchard will focus on strengthening the FCA’s influence through platforms like the G20 and the Financial Stability Board. Recently, she led efforts to address leverage in non-bank financial institutions, showcasing her expertise in tackling systemic risks.
Leadership to Navigate Systemic Financial Changes
FCA Chair Ashley Alder highlighted the “evolving expectations” on the regulator, praising Pritchard’s ability to implement reforms effectively. Chief Executive Nikhil Rathi also commended her track record in merging supervisory and policy divisions, as well as driving major initiatives such as the reform of UK listing rules.
This appointment reflects the FCA’s strategic pivot to address systemic changes in how finance and cryptocurrency are delivered and regulated. With her extensive experience in public enforcement and private sector compliance, Pritchard is well-positioned to handle the challenges of overseeing rapidly changing sectors like crypto and fintech.
Pritchard’s Commitment to Driving Change
Before joining the FCA, Pritchard led the National Economic Crime Centre and held senior compliance roles at HSBC. She has pledged to maintain the “pace of change” as the FCA pursues its ambitious strategy to modernize financial regulations, rebalance risk, and support the UK’s global competitiveness in the financial sector.
This leadership appointment underscores the FCA’s commitment to adapting to the complexities of modern finance while safeguarding consumer interests and maintaining market integrity.
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