FCA Appoints First Deputy CEO to Strengthen Crypto Oversight

The U.K.’s Financial Conduct Authority (FCA) has appointed Sarah Pritchard as its first-ever deputy chief executive, marking a strategic move to expand regulatory oversight of the growing crypto and digital assets industry. The FCA stated the newly created position reflects its widening scope, which now includes regulation of stablecoins, crypto firms, and buy-now-pay-later services.

Pritchard, previously an executive director responsible for supervision and policy, will now support CEO Nikhil Rathi, who was reappointed for another five-year term in April. She will also work alongside David Geale, the FCA's executive director for payments and digital finance. The FCA highlighted that Pritchard’s new role includes a significant international focus, addressing the increasing complexity of global digital finance regulations.

Unlike the EU, which has already implemented its MiCA (Markets in Crypto-Assets) regulation framework, the U.K. is still building its comprehensive regime for digital assets. Currently, the FCA only ensures crypto companies comply with anti-money laundering standards. However, by 2026, it plans to adopt a regulatory approach similar to that used for traditional financial institutions.

Over the past year, the FCA has released several discussion papers targeting stablecoin oversight and broader digital asset regulations, reflecting its intent to collaborate with the industry. Pritchard has emphasized the importance of engaging with crypto stakeholders to shape effective policies.

The FCA’s leadership changes signal a clear commitment to building a robust, forward-looking regulatory framework to support innovation while safeguarding the financial system. With Pritchard stepping into this newly formed position, the FCA is reinforcing its stance as a proactive regulator amid evolving expectations and global competition in digital finance.