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The FCA has appointed David Geale as permanent executive director for payments and digital finance, and managing director of the Payment Systems Regulator (PSR).
In his role 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 the work to consolidate the PSR into the FCA, as announced by the Government in March. He will be responsible for supervising payments and cryptoasset firms under the recently announced regime.
Aidene Walsh, chair of the PSR, 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.”
Nikhil Rathi, chief executive of the FCA, added: “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.”
Geale 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, he has led the FCA’s work on developing a regime for cryptoassets as well as savings rates and reforming the mortgage market as set out in the FCA’s letter to the Prime Minister on growth.
He has been acting as the managing director of the PSR since June 2024.
Following his appointment, Emad Aladhal has been appointed permanent director of retail banking with Andrea Bowe becoming permanent director, specialist directorate. Both have been carrying out the roles on an interim basis.
Geale said: “I’m delighted to be taking on this new role at such an important and exciting time for both organisations, and the payments sector as a whole. I look forward to working with colleagues, consumer groups and the wider industry as we take the next steps in our work.”
