The UK’s Financial Conduct Authority (FCA) has officially appointed Sarah Pritchard as its Deputy Chief Executive, signaling a strategic reinforcement of leadership as the regulator’s responsibilities grow across digital finance, crypto regulation, and international policymaking.
This newly formalized deputy CEO position highlights the FCA’s broadened regulatory scope, which now includes oversight of stablecoins, crypto firms, Buy Now Pay Later (BNPL) products, and the integration of the Payment Systems Regulator. Pritchard, who joined the FCA in 2021, will retain her current responsibilities leading on consumer protection and competition while supporting Chief Executive Nikhil Rathi in steering the authority’s daily operations.
Responding to a Transforming Financial Landscape
As part of its evolving mandate, the FCA has taken a more active stance in shaping the UK’s digital asset framework. Most recently, the agency proposed lifting its ban on crypto exchange-traded notes (ETNs) for retail investors, provided such instruments are issued by FCA-approved exchanges. While the FCA maintains its ban on crypto derivatives, the new proposal indicates a measured openness to innovation, coupled with a firm stance on investor protection and regulatory compliance.
The appointment of Pritchard comes at a pivotal time. The FCA’s broader responsibilities now include contributing to global financial policy frameworks. Pritchard has already played a significant role on platforms like the G20 and the Financial Stability Board, where she’s led efforts to assess leverage in non-bank financial institutions a topic of increasing systemic importance.
Leadership with a Reform-Driven Track Record
Commenting on the appointment, FCA Chair Ashley Alder noted the “evolving expectations” of financial oversight in the UK and praised Pritchard’s ability to implement reform with speed and effectiveness. CEO Nikhil Rathi echoed the sentiment, citing her accomplishments in merging supervisory and policy divisions and leading high-impact reforms, including updates to the UK’s listing rules.
Pritchard brings a diverse background to the role. Prior to joining the FCA, she headed the National Economic Crime Centre and held senior compliance roles at HSBC, giving her a unique vantage point at the intersection of public enforcement and private sector risk management.
A Strategic Pivot Toward Future-Focused Regulation
In her statement, Pritchard committed to maintaining momentum: “There will be no let-up in the pace of change as we implement our strategy. I look forward to continuing to deliver on our ambitious plan to support UK competitiveness while ensuring strong protections for consumers.”
Her elevation to Deputy CEO reflects both continuity and transformation within the FCA, as it repositions itself to navigate complex challenges posed by fast-moving sectors like crypto, fintech, and decentralized finance (DeFi). With the UK aiming to establish itself as a hub for digital innovation, Pritchard’s leadership will be central in balancing risk, reform, and competitiveness.
