The Financial Conduct Authority has named Sarah Pritchard (pictured) as its first deputy chief executive as the regulator implements a series of reforms and takes on new duties related to stablecoins, non-bank financial leverage and market conduct.
The role was created in response to an increase in the FCA’s responsibilities, including the integration of the Payment Systems Regulator and new oversight of cryptoasset firms, stablecoins and buy now, pay later (BNPL) credit services.
Pritchard will also continue supporting the FCA’s international regulatory work.
Pritchard joined the FCA in June 2021 and has held senior roles across its supervision, policy and competition division. She currently leads work on consumer and competition matters and oversees the FCA’s international agenda. Her recent involvement includes engagement with the G20 and Financial Stability Board on issues related to leverage in non-bank financial institutions.
“Over the last four years I’m proud to have helped establish a combined supervision, policy and competition division as well as leading our capital markets reform, pensions work and our landmark work to help more consumers get the right help when making financial decisions,” stated Pritchard on her LinkedIn page.
Pritchard’s existing responsibilities remain in place, including her role as executive sponsor for the FCA’s Edinburgh office. Since her appointment, the number of staff based there has nearly tripled.
Before joining the FCA, Pritchard was director of the National Economic Crime Centre and held senior posts within the National Crime Agency, including general counsel. In the private sector, she worked at HSBC in global financial crime compliance and began her legal career as a litigator at Dechert LLP.
FCA chief executive Nikhil Rathi said Pritchard had contributed to the integration of core functions within the regulator and led high-profile projects, including changes to the UK’s listing rules and policies on financial advice. He noted that continued reform depends on collective leadership across the organisation.
“Delivering our ambitious new strategy – to deepen trust, rebalance risk, support growth and improve lives – is a collective endeavour and relies on continued reform,” said Rathi.
“I am looking forward to working even more closely with Nikhil so there is no let-up in the pace of change, and to ensure we have the right relationships, domestically and internationally, to deliver our ambitious strategy,” Pritchard added.
FCA chair Ashley Alder said that with the FCA’s remit expanding and external demands evolving, the board supports Pritchard’s appointment to assist in day-to-day operations and coordination of key relationships.
“Sarah has proven her ability to drive reform and deliver bold proposals at pace,” said Alder.
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