The UK’s Financial Conduct Authority appointed David Geale
to take on dual responsibilities as the FCA’s executive director for payments
and digital finance, and managing director of the Payment Systems Regulator
(PSR), just as the two bodies begin a government-mandated consolidation.
Industry Veteran with Reform Credentials
Geale steps in as the FCA takes on broader duties across
crypto, payments, and open banking. His role places him at the center of
delivering the UK’s National Payments Vision—a strategy aimed at modernizing
the infrastructure behind digital money transfers, improving consumer
protections, and boosting competition.
The government announced in March that it would fold the PSR
into the FCA to streamline regulatory oversight. As part of this process, Geale
will now manage the merger while continuing to supervise key areas such as
cryptoasset firms and payments institutions under new regulatory regimes.
Geale has worked for the FCA and its predecessor, the FSA, for over twenty years. Most recently, he was director of retail banking,
where he led efforts on crypto regulation, savings market reform, and policies
related to post-Brexit financial services.
He has played a central role in designing policy for open
finance and mortgage market reforms. Since June 2024, Geale had already been
serving as acting managing director of the PSR.
“David brings a wealth of experience that will be vital
as we deliver the National Payments Vision, as well as unlocking the potential
that open finance and open banking can bring,” Nikhil Rathi, the Chief
Executive of the FCA, said.
Wider Leadership Reshuffle
Following Geale’s appointment, the FCA confirmed two further
internal promotions. Emad Aladhal becomes permanent director of retail banking,
while Andrea Bowe steps in as permanent director of the specialist directorate.
Both had served in these roles on an interim basis.
Meanwhile, the FCA recently announced that it is exploring
restrictions on UK residents purchasing cryptocurrencies on credit. However,
the watchdog will exempts authorized stablecoin purchases from the
restrictions.
“We are considering a range of restrictions, including
limiting the use of credit cards to directly buy cryptoassets, and using a
credit line provided by an e-money firm to do so,” the discussion paper titled
Regulating Cryptoassets Activities noted.
The UK’s Financial Conduct Authority appointed David Geale
to take on dual responsibilities as the FCA’s executive director for payments
and digital finance, and managing director of the Payment Systems Regulator
(PSR), just as the two bodies begin a government-mandated consolidation.
Industry Veteran with Reform Credentials
Geale steps in as the FCA takes on broader duties across
crypto, payments, and open banking. His role places him at the center of
delivering the UK’s National Payments Vision—a strategy aimed at modernizing
the infrastructure behind digital money transfers, improving consumer
protections, and boosting competition.
The government announced in March that it would fold the PSR
into the FCA to streamline regulatory oversight. As part of this process, Geale
will now manage the merger while continuing to supervise key areas such as
cryptoasset firms and payments institutions under new regulatory regimes.
Geale has worked for the FCA and its predecessor, the FSA, for over twenty years. Most recently, he was director of retail banking,
where he led efforts on crypto regulation, savings market reform, and policies
related to post-Brexit financial services.
He has played a central role in designing policy for open
finance and mortgage market reforms. Since June 2024, Geale had already been
serving as acting managing director of the PSR.
“David brings a wealth of experience that will be vital
as we deliver the National Payments Vision, as well as unlocking the potential
that open finance and open banking can bring,” Nikhil Rathi, the Chief
Executive of the FCA, said.
Wider Leadership Reshuffle
Following Geale’s appointment, the FCA confirmed two further
internal promotions. Emad Aladhal becomes permanent director of retail banking,
while Andrea Bowe steps in as permanent director of the specialist directorate.
Both had served in these roles on an interim basis.
Meanwhile, the FCA recently announced that it is exploring
restrictions on UK residents purchasing cryptocurrencies on credit. However,
the watchdog will exempts authorized stablecoin purchases from the
restrictions.
“We are considering a range of restrictions, including
limiting the use of credit cards to directly buy cryptoassets, and using a
credit line provided by an e-money firm to do so,” the discussion paper titled
Regulating Cryptoassets Activities noted.
