David Geale Appointed Executive Director for Payments and Digital Finance at FCA

The Financial Conduct Authority (FCA) has appointed David Geale as the permanent Executive Director for Payments and Digital Finance, and Managing Director of the Payment Systems Regulator (PSR). This strategic move places an experienced regulatory leader at the forefront of the UK’s evolving digital finance landscape.

Driving the UK's National Payments Vision

In his new capacity, Geale will lead the FCA’s contributions to the National Payments Vision, spearhead the regulator’s work on open banking and digital finance, and oversee supervisory responsibilities for payments and cryptoasset firms under the UK’s newly launched regulatory framework. His leadership comes at a pivotal time as the UK strengthens its role as a global fintech hub.

Geale will also play a central role in the planned consolidation of the PSR into the FCA, a structural change announced by HM Treasury in March 2025. This transition is expected to improve regulatory coherence and streamline oversight across payment systems and digital financial services.

A Seasoned Regulator with Deep Sector Knowledge

David Geale has been a prominent figure within the FCA and its predecessor, the Financial Services Authority (FSA), for over two decades. His past roles span policy and supervisory leadership, including steering the Retail Distribution Review, shaping policy during the UK’s exit from the European Union, and most recently, developing the FCA’s regulatory regime for cryptoassets.

Geale has served as Acting Managing Director of the PSR since June 2024, during which time he has been instrumental in aligning PSR activities with the FCA’s broader regulatory strategy.

Leadership Endorsements & Sectoral Impact

Nikhil Rathi, Chief Executive of the FCA, welcomed the appointment, stating:

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.

PSR Chair Aidene Walsh echoed this sentiment:

David has played a key role in fostering greater alignment between the FCA and the PSR. This will be increasingly important as we move towards consolidation while continuing to deliver critical PSR work on APP fraud and card processing fees.

Geale expressed enthusiasm about his new role:

I’m delighted to be taking on this new role at such an important and exciting time for both organisations, and the payments sector as a whole. I look forward to working with colleagues, consumer groups and the wider industry as we take the next steps in our work.

Additional Executive Appointments

In related leadership changes, Emad Aladhal has been named Permanent Director of Retail Banking, and Andrea Bowe has been confirmed as Permanent Director of the Specialist Directorate. Both appointments follow interim tenures in these roles.

Read the press release here.