Sheldon Mills, one of the FCA’s most senior executives, is set to leave his £332,000 a year role at the regulator in the next few months, according to reports.
Mr Mills is believed to have been on an extended leave of absence for much of the past 12 months, according to a report about his departure on Sky News.
Sky News has reported that he has been asked to “spearhead” a new review of the use of AI in consumer financial advice.
The FCA website says that Mr Mills current executive responsibilities are being covered by FCA deputy chief executive Sarah Pritchard and David Geale, managing director of the Payment Systems Regulator.
Mr Mills joined the watchdog in November 2018 and has been the executive director, consumers and competition since December 2020. He co-leads the supervision, policy and competition (SPC) division, with a focus on retail financial services and cross-sectoral matters. He also oversees the FCA's competition market studies and competition enforcement activities.
He is chair of the FCA's executive regulation and policy committee. He is also the executive director sponsor for the Consumer Duty, the compensation and redress framework, as well as technology and artificial intelligence use in financial services. He is also executive director sponsor for the FCA's early careers.
Prior to the FCA he was senior director at the Competition and Markets Authority (CMA). He is a qualified solicitor, and practised law at King & Wood Mallesons and Jones Day. He holds undergraduate and postgraduate law degrees from King’s College, London and was born and raised in Cardiff.
Outside of the FCA he has been an active trustee of LGBTQ+ charity Stonewall where he was chair of trustees from 2020.
According to Sky News the FCA will shortly advertise for a new executive director of markets.
The FCA’s Annual Report for 2024/25 reported that Mr Mills was one of 43 FCA staff paid more than £200,000 annually. His basic salary in 2024/25 was £277,000 and, including pensions and other benefits, his total FCA package was worth £332,000.
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