FCA Names David Geale Executive Director for Payments and PSR Managing Director

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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, 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 crypto asset 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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, 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 exempt 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.