FCA consumer chief Mills to leave City watchdog

Sunday, 23 November 2025 16:10

By Mark Kleinman, city editor

One of the City watchdog's top executives is to step down after an eventful eight-year tenure in which he also applied to run Britain's competition regulator.

Sky News has learnt that Sheldon Mills, the Financial Conduct Authority's (FCA) executive director, consumers and competition, is to leave in the coming months.

Mr Mills, who joined the FCA in 2018, is understood to have been asked to lead a review of the growing use of artificial intelligence in the delivery of financial advice to consumers after he steps down.

His departure from one of the UK's most powerful economic regulators is understood to have been communicated to FCA employees late last week.

Mr Mills, who has also chaired Stonewall, the LGBTQ+ charity, is said to have been on a leave of absence for much of the last 12 months.

The FCA website says his executive duties are "currently being covered by Sarah Pritchard and David Geale, Managing Director, [Payment Systems Regulator]".

Insiders said the financial services watchdog would shortly advertise for a new executive director of markets, Ms Pritchard's former role.

The shake-up comes months after Nikhil Rathi, the FCA chief executive, was appointed to a second five-year term by Rachel Reeves, the chancellor.

Ministers have been pressing Britain's main economic regulators this year to adopt growth-oriented policies and remove red tape for businesses as the economy struggles.

The FCA declined to comment on Sunday.

Sky News

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