The executive director of consumers and competition post was created last month when it was announced that the FCA’s two existing supervision divisions would be brought together and merged with the policy and competition functions.
These will form a new, single division led by two executive directors: one focussed on the FCA’s consumer protection and competition objectives; the other on the objective to protect the financial markets.
Sheldon Mills was formerly interim executive director of strategy and competition where he has, amongst other things, led the FCA’s response to ensure industry support for consumers during the pandemic.
Prior to joining the FCA, Mills was senior director at the Competition and Markets Authority (CMA), where he had overall leadership responsibility for the delivery of merger control across the UK economy.
Mills was recently named as one of the Top 20 Industry Professionals in the Global Diversity List and is also chair of trustees at Stonewall.
The new division involves a substantial restructuring of our existing senior management responsibilities for consumer outcomes which have been taken up by Sheldon with immediate effect.
Jonathan Davidson, who currently holds some of these responsibilities, will support Mills through the transition and help ensure the success of our transformation programme before he leaves the FCA in early 2021.
Siobhán Sheridan joins the FCA as chief people officer from the Ministry of Defence where she has been leading an HR team of 200 people and has been responsible for diversity and inclusion strategy at group level for Defence.
Her previous experience includes roles at Capital One, DEFRA, DWP and the NSPCC.
Sheridan will be maintaining her position as a charity trustee at the Mental Health Foundation.
She will take up her post from the end of March 2021.
Nikhil Rathi, chief executive of the FCA, said: “I am delighted that Sheldon Mills will be the FCA’s first executive director, consumers and competition and also to welcome Siobhán Sheridan to the FCA as chief people officer.
“Sheldon has played a crucial role in supporting consumers during the pandemic.
“I know that Sheldon will bring his knowledge, leadership skills and passion for consumer issues to shape the newly established division and motivate those who work in it to ever higher standards.
“Siobhán will bring a wealth of experience of leading on people issues in both financial services and public service organisations to the FCA.
“Her alignment with our values, knowledge of using data to drive people strategy and her commitment to diversity and inclusion make her a great fit for the FCA.
“I am confident that she will make a significant contribution to our ongoing transformation programme and strengthening FCA capabilities.”
Sheldon Mills said: “I’m delighted to be joining the FCA leadership team to jointly lead a new supervision, competition and policy division.
“The FCA is a cornerstone in ensuring that we all have the financial products and services we need and that wholesale markets function well to support the economy.
“The new division will be able to build a strong coordinated regulatory framework to ensure financial services firms of all sizes deliver products and services that meet the needs of many consumers and small businesses across the country and we will continue to support the industry to serve people well at this time of challenge for people and the economy.”
Siobhán Sheridan added: “I’m delighted to be joining Nikhil and the leadership team at the Financial Conduct Authority and to play a part in protecting consumers at this critical stage for the country.
“It will be a privilege to be a part of the FCA team, and to help the FCA to deliver its vital mission.”
