The UK’s Financial Conduct Authority (FCA) has named Sarah Pritchard as its new deputy chief executive officer. The position is newly created and effective immediately.
The regulator said the move reflects its “expanding remit.” It follows a period of substantial growth in the FCA’s responsibilities.
Recent additions to its oversight include buy now, pay later (BNPL) products, cryptocurrency firms, and the Payment Systems Regulator (PSR). The FCA is also preparing to launch an AI sandbox and live testing environment.
Pritchard joined the FCA in 2021. She first served as executive director for supervision, policy, and competition.
In 2023, she added international responsibilities to her role, becoming executive director international as well.
Her appointment comes as the FCA continues to evolve. It is addressing major changes in financial services, including innovation, regulation, and consumer protection.
FCA CEO Nikhil Rathi praised Pritchard’s contributions in recent years.
He said: “During her FCA tenure, Pritchard has 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.’”
Pritchard brings over 25 years of experience across financial crime, banking, and regulatory leadership.
Before joining the FCA, she worked as director of the National Economic Crime Centre at the National Crime Agency.
She also served as global head of anti-bribery and corruption at HSBC, overseeing complex compliance programs.
The FCA’s decision to create a deputy CEO position underscores how broad its responsibilities have become.
The regulator now plays a larger role in shaping financial innovation, enforcing consumer protections, and responding to economic crime.
Its AI sandbox and related initiatives point to a proactive approach to regulating emerging technologies.
By appointing Pritchard, the FCA aims to ensure continuity in leadership as it expands its regulatory reach.
The appointment also reinforces the FCA’s commitment to transparency, innovation, and cross-border cooperation.
Pritchard’s experience in economic crime and global compliance may prove key as the regulator faces mounting international scrutiny.
She will support CEO Nikhil Rathi in managing the FCA’s increasing portfolio and delivering on strategic goals.
Her promotion is likely to be welcomed by industry stakeholders, given her experience and recent leadership on major regulatory reforms.
The FCA’s decision signals a clear intent to keep pace with evolving financial markets and growing consumer expectations.