The Financial Conduct Authority (FCA) has selected Sheldon Mills as its new director of Competition. Currently, Mills is Senior Director, mergers and state aid at the Competition and Markets Authority (CMA).
The FCA explains that Mills will be a key figure in delivering on the entity’s objective to promote competition in financial services – a vital variable in protecting consumer’s interests. Mills will be responsible for the FCA’s activities to enforce prohibitions on anti-competitive behavior within the financial services industry.
The FCA is unique in the world of financial regulators as it incorporates competition as part of its regulatory mission. It is this same competition mandate that has helped to foster robust entrepreneurial activity in the UK Fintech sector. The UK is globally recognized as one of the top markets for innovations in the financial services industry.
Mills, who will begin in the position this November, stated;
“I am delighted to be joining the FCA to lead their expert and committed competition team. Financial markets face major change and complexity, so the FCA’s competition work is essential. I am looking forward to leading a program of work which delivers real and lasting change for people and communities across the UK.”
Christopher Woolard, Executive Director of strategy and competition, called Mills an “undisputed expert in competition law and policy;
“I know that Sheldon will continue the ground-breaking and vital work the FCA has done since it was given a competition remit, to deliver markets that deliver for consumers.”