The Financial Conduct Authority has appointed Sarah Pritchard to the new post of deputy chief executive to manage the watchdog’s growing workload as it manages new areas while bidding to cut red tape.
The regulator says the post been created to reflect its “expanding remit, with the integration of the Payment Systems Regulator, regulation of stablecoin and crypto firms as well as buy now pay later activities”.
The watchdog has this month begun its second review of the home loan market this summer.
The wide-ranging review will look at “the future of the mortgage market” and assess the industry’s “collective appetite for risk”.
It adds that Pritchard (pictured), who joined the body in 2021, will also work on the agency’s international focus, given its role in supporting UK growth and competitiveness.
Previously, Pritchard led the body’s markets unit.
Before joining the FCA she was the director of the National Economic Crime Centre, part of the National Crime Agency.
FCA chief executive Nikhil Rathi says: “Since joining us, Sarah helped bring together our supervision, policy and competition functions and has led some of our most high-profile work, for example, the once-in-a-generation overhaul of the listing rules and landmark work on financial advice and guidance.
“Delivering our ambitious new strategy — to deepen trust, rebalance risk, support growth and improve lives — is a collective endeavour and relies on continued reform.
“Sarah’s breadth of experience, in both public and private sectors, makes her ideally placed to help me drive this.”
Pritchard adds: “The last four years has been marked by significant reform. 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.”
The watchdog’s workload grew after an exchange of letters between Prime Minister Keir Starmer, Chancellor Rachel Reeves and Rathi in December over cutting red tape to free up grow among City firms, which saw the FCA head outline some 50 proposals.
