The Financial Conduct Authority (FCA) has appointed David Geale as executive director for payments and digital finance and managing director of the Payment Systems Regulator (PSR).

Geale will be responsible for helping to deliver the ‘National Payments Vision’ and driving the FCA’s work on open banking and digital finance.

He will also play a key role in consolidating the PSR — which looks after payment systems like Faster Payments and Mastercard — into the FCA, a measure announced by the government back in March.

The Payment Systems Regulator – which looks after payment systems like Faster Payments and Mastercard – will mainly be rolled into the Financial Conduct Authority.

The move came after firms complained that the current regulatory payments system was too complex.

Chair of the PSR Aidene Walsh said: “David has played a key role in fostering greater alignment and strengthening the relationship between the FCA and the PSR.

This will be increasingly important as we move towards consolidation while at the same time continuing to deliver the important work that the PSR does, including on APP fraud and card processing fees.”

Geal was previously Director of Retail Banking at the FCA.  He has worked at the FCA and its predecessor, the FSA, for more than 20 years, carrying out a number of roles in policy and supervision.

He was involved in leading and delivering policies such as the Retail Distribution Review and policy changes during the UK’s exit from the European Union.

More recently, David has led the FCA’s work on developing a regime for crypto assets as well as savings rates and reforming the mortgage market as set out in the FCA’s letter to the Prime Minister on growth.

Geale has been acting as the managing director of the PSR since June 2024.