FCA consumer chief Mills to leave City watchdog

One of the City watchdog's apical executives is to measurement down aft an eventful eight-year tenure successful which helium besides applied to tally Britain's contention regulator.

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

Mr Mills, who joined the FCA successful 2018, is understood to person been asked to pb a reappraisal of the increasing usage of artificial quality successful the transportation of fiscal proposal to consumers aft helium steps down.

His departure from 1 of the UK's astir almighty economical regulators is understood to person been communicated to FCA employees precocious past week.

Mr Mills, who has besides chaired Stonewall, the LGBTQ+ charity, is said to person been connected a permission of lack for overmuch of the past 12 months.

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

Insiders said the fiscal services watchdog would soon advertise for a caller enforcement manager of markets, Ms Pritchard's erstwhile role.

The shake-up comes months aft Nikhil Rathi, the FCA main executive, was appointed to a 2nd five-year word by Rachel Reeves, the chancellor.

Ministers person been pressing Britain's main economical regulators this twelvemonth to follow growth-oriented policies and region reddish portion for businesses arsenic the system struggles.

The FCA declined to remark connected Sunday.