One of many Metropolis watchdog’s high executives is to step down after an eventful eight-year tenure through which he additionally utilized to run Britain’s competitors regulator.
Mr Mills, who joined the FCA in 2018, is known to have been requested to guide a assessment of the rising use of synthetic intelligence within the supply of monetary recommendation to customers after he steps down.
His departure from one of many UK’s strongest financial regulators is known to have been communicated to FCA workers late final week.
Mr Mills, who has additionally chaired Stonewall, the LGBTQ+ charity, is claimed to have been on a go away of absence for a lot of the final 12 months.
The FCA web site says his government duties are “currently being covered by Sarah Pritchard and David Geale, Managing Director, [Payment Systems Regulator]”.
Insiders mentioned the monetary companies watchdog would shortly promote for a brand new government director of markets, Ms Pritchard’s former position.
The shake-up comes months after Nikhil Rathi, the FCA chief government, was appointed to a second five-year time period by Rachel Reeves, the chancellor.
Ministers have been urgent Britain’s foremost financial regulators this yr to undertake growth-oriented insurance policies and take away crimson tape for companies because the financial system struggles.
The FCA declined to touch upon Sunday.
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