The Financial Conduct Authority (FCA) has announced a new executive to operate the Payments System Regulator (PSR), an entity that has been consolidated within the FCA. David Geale will become the Executive Director for Payments and Digital Finance Executive Director and the Payment Systems Regulator Managing Director. Geale has been acting as the MD of the PSR since June 2024.
Geale was previously Director of Retail Banking at the FCA and was active at its predecessor, the FSA, for more than 20 years, carrying out a number of roles in policy and supervision. He led and delivered policies such as the Retail Distribution Review and policy changes during the UK’s exit from the European Union. More recently, David has led the FCA’s work on developing a regime for crypto assets and savings rates and reforming the mortgage market as set out in the FCA’s letter to the Prime Minister on growth.
Geale said he was delighted to be stepping into the role at such an exciting and challenging time.
The roll-up of the PSR was announced in March and described as a move to reduce red tape and “unnecessary regulation” to improve growth by reducing the regulatory burdens foisted upon business. The UK government has sought to support economic growth and Fintech innovation as a key sector of the UK economy.