Golden Finance reports that the Financial Conduct Authority (FCA) of the United Kingdom announced recently that Sarah Pritchard has been appointed as the deputy chief executive officer. The establishment of this new position aims to respond to the FCA’s continuously expanding scope of authority, especially in the regulation of cryptocurrency companies.
As the core regulatory body of the UK’s financial services industry, the FCA has been undertaking the behavioral supervision and related prudential supervision functions of the former Financial Services Authority since its establishment on April 1, 2013. It is committed to ensuring the integrity and fairness of the financial market, protecting consumers’ rights and interests, maintaining the stability of the financial market and promoting competition. Its regulatory scope widely covers traditional financial fields such as banks, insurance and investment.
In recent years, with the rapid development of the cryptocurrency market worldwide, cryptocurrency trading activities in the UK have become increasingly frequent, and the market size has continued to expand. To address the risks and challenges brought about by this emerging field, the regulatory responsibilities of the FCA have also been expanded accordingly. At the end of 2024, the British government reaffirmed its regulatory plan for crypto assets and adopted a more streamlined regulatory approach. In March this year, the FCA released a discussion paper on the regulatory vision for crypto assets in the UK. As part of the expansion of authority under the government’s latest regulatory framework, the FCA will focus on market transparency, access standards, and combating market abuse in the future. According to the proposed framework, the FCA will implement comprehensive regulation over cryptocurrency trading, stablecoins, intermediaries and custody services.
Sarah Pritchard has performed outstandingly since joining the FCA. She has co-led the Oversight, Policy and Competition Department, being responsible for consumer and competition affairs. She has also led the market functions of the FCA and taken responsibility for the implementation of the FCA’s international work. She led the recent G20 / Financial Stability Board work on the leverage issue of non-bank financial institutions. Nikhil Rathi, the CEO of FCA, highly praised her, emphasizing that she played an important role in integrating the supervisory, policy and competition functions of FCA and demonstrated outstanding leadership skills in some high-profile work of FCA.
This time, Sarah Pritchard has taken up the position of deputy chief executive officer and is expected to play a key role in managing the expanding authority of the FCA, especially in cryptocurrency regulatory affairs. With her rich experience and professional capabilities, she will assist the FCA in better addressing the new challenges and opportunities brought by the cryptocurrency market and maintaining the stability and healthy development of the UK’s financial market.
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