Latest news with #SarahPritchard
Yahoo
2 days ago
- Business
- Yahoo
U.K. Regulator Names Sarah Pritchard as Deputy CEO to Help Oversee Crypto, Stablecoins
The U.K.'s financial services regulator, the Financial Conduct Authority (FCA), appointed a deputy chief executive for the first time, naming Sarah Pritchard to the role as it looks to bolster its oversight of the crypto and digital assets industry. "The new role has been created to reflect the FCA's expanding remit, with … regulation of stablecoin and crypto firms as well as buy now pay later activities," the FCA said on Tuesday. The country's regulatory regime trails that of the nearby European Union, which already has a transnational licensing framework in place with its Markets in Crypto Assets (MiCA) regulations. The FCA, which currently certifies that companies on its crypto register comply with anti-money laundering rules, is in the process of creating a more comprehensive regime for the sector. It has said it plans to start authorizing crypto firms along the lines of its approach to traditional finance companies by 2026. Pritchard's role will include an international element, the FCA said. 'The international environment is complex, our remit is growing and expectations of us continue to evolve," Ashley Alder, chair of the FCA, said. Pritchard was previously an executive director of the agency, helping with supervision and policy oversight. The FCA wants to work with the crypto industry to develop regulation for the sector, she said last year. Since then, it has circulated a number of discussion papers on digital assets and stablecoins for its regulatory program. She will work alongside CEO Nikhil Rathi, who was reappointed in April another five years, and David Geale, a permanent executive director for payments and digital finance. Sign in to access your portfolio
Finextra
3 days ago
- Business
- Finextra
FCA appoints deputy chief executive
Sarah Pritchard has been appointed deputy chief executive of the Financial Conduct Authority (FCA). 0 The new role has been created to reflect the FCA's expanding remit, with the integration of the Payment Systems Regulator, regulation of stablecoin and crypto firms as well as buy now pay later activities. As deputy chief executive, Sarah will also support the FCA's increasingly international focus, given its role supporting UK growth and competitiveness. Sarah joined the FCA in June 2021 to jointly lead the supervision, policy and competition division. Sarah has most recently been responsible for consumers and competition, having previously led the FCA's markets function. Sarah also has executive responsibility for the FCA's international work and personally spearheaded recent G20/Financial Stability Board work on leverage in non-bank financial institutions. Nikhil Rathi, chief executive of the FCA, said: 'Since joining us, Sarah helped bring together our supervision, policy and competition functions and has led some of our most high-profile work, for example the once-in-a-generation overhaul of the listing rules and landmark work on financial advice and guidance. 'Delivering our ambitious new strategy - to deepen trust, rebalance risk, support growth and improve lives - is a collective endeavour and relies on continued reform. Sarah's breadth of experience, in both public and private sectors, makes her ideally placed to help me drive this.' Ashley Alder, chair of the FCA, said: 'The international environment is complex, our remit is growing and expectations of us continue to evolve. The board fully support Sarah taking on the role of deputy chief executive to help Nikhil lead the FCA day-to-day and cultivate our key relationships. Sarah has proven her ability to drive reform and deliver bold proposals at pace.' Sarah Pritchard, deputy chief executive of the FCA, said: 'The last 4 years has been marked by significant reform. I am looking forward to working even more closely with Nikhil so there is no let up in the pace of change, and to ensure we have the right relationships, domestically and internationally, to deliver our ambitious strategy.' Sarah has already taken up the deputy chief executive role. There will be no immediate change to her areas of responsibility. Sarah joined the FCA in June 2021. In addition to the responsibilities detailed above, Sarah is the executive director sponsor for the FCA's Edinburgh office. Since she joined, the number of FCA colleagues based in its Edinburgh office has nearly tripled. Prior to joining the FCA, Sarah was the director of the National Economic Crime Centre (NECC), a multi-agency partnership housed in the National Crime Agency (NCA), created in late 2018 to deliver UK system leadership on economic crime. Before then, she was general counsel/legal director for the NCA as well as leading the NCA's transformational people programme. Her career has involved investigative, operational and legal roles in a range of government departments and in the private sector. Within the private sector, she led global financial crime compliance and reputational risk teams at HSBC and qualified as a commercial litigator with Dechert LLP.
Reuters
3 days ago
- Business
- Reuters
UK financial watchdog names deputy CEO to reflect growing remit
LONDON, June 10 (Reuters) - Britain's Financial Conduct Authority (FCA) said on Tuesday it had appointed Sarah Pritchard as its deputy chief executive, a new role created to reflect the watchdog's expanding remit, including the regulation of stablecoin and crypto firms. "Since joining us, Sarah helped bring together our supervision, policy and competition functions and has led some of our most high-profile work" FCA Chief Executive Nikhil Rathi said in a statement.
Wales Online
19-05-2025
- Business
- Wales Online
Warning as figures show one in 10 UK adults have no savings at all
Warning as figures show one in 10 UK adults have no savings at all Millions of people are vulnerable to rising bills and other economic shocks, according to the the Financial Conduct Authority's (FCA) Financial Lives survey (Image: Getty ) One in 10 adults in the UK are saving no money at all, a new report has found. That means millions of people are vulnerable to rising bills and other economic shocks, the Financial Conduct Authority's (FCA) Financial Lives survey warned. Debt is also causing relatively high levels of anxiety and stress levels, especially for those with debt. The regulator said free help was available though and the situation has not got worse since the start of the cost of living crisis. The FCA's Financial Lives survey is viewed as a benchmark for the state of the nation's finances, with nearly 18,000 people responding to questions about how they manage their money. It is suggested by the surbey's results thay 13 million people - a quarter of the UK adult population - have limited financial safety meaning they have hard to manage debts, scant savings, and have missed a series of bill payments, the BBC reports. That had not changed since the last Financial Lives survey, published in 2022, despite rising inflation and bills. Around one in 10 of those asked had no savings at all while another 21% had less than £1,000 saved. Other findings in the report include: 2.8 million people have persistent credit card debt Nearly 12 million people feel overwhelmed or stressed dealing with financial matters, including 40% of adults with credit or loans saying they suffer anxiety and stress 3.8 million retired people fear they don't have enough money to last their retirement 10m people face difficulties getting to a bank branch "Our data shows that finances are stretched for many - with some unable to save for a rainy day," said Sarah Pritchard, from the FCA. Article continues below Use of buy now, pay later (BNPL) had "risen significantly" in recent years with almost 11 million people using BNPL in the last year, which was two million more than the previous survey of three years ago. Arounds 40% of single parents and 35% of women aged between 25 and 34 use these deferred credit products, which are unregulated. Nearly half of adults have outstanding unsecured debt with the cash borrowed not backed up by assets. The FCA said the median average amount of debt outstanding among those with debt was £6,300. For 18 to 34-year-olds with debt, the median average amount of debt outstanding was £12,500. but that dropped to £1,300 if student loans were excluded. Debt advisers report routinely talking to people with mental health issues which are either the result in financial difficulties or sparked by money worries. Matt Dronfield, managing director of Debt Free Advice - a coalition of charities which can talk to and negotiate with creditors on behalf of borrowers - said rent or mortgage arrears, council tax and falling behind on utility bills were the three most common forms of debt. Many of those who call for help were working multiple jobs but still couldn't coverr essential expenses. "It is so common. If you're not worried, then a friend or family member is definitely going to be," he said. "We know you are more likely to tell your pet than your partner or loved one about your financial situation. So, speak to an expert debt adviser about the situation that you are in. "If you were worried about your health, you'd see a doctor. If you're car wasn't working, you'd go to a mechanic. So, if you are worried about your finances, speak to an independent debt adviser, for free." Article continues below He advised people with no savings should consider "paying yourself first", by putting a few pounds into a savings account when they are paid or when any money comes in. That could help them get into the habit of saving cash while still being able to pay their priority bills. The average amount people have saved is £5,000 to £6,000, the FCA's report suggests.
New Straits Times
16-05-2025
- Business
- New Straits Times
One in 10 people in Britain have zero savings
LONDON: One in 10 people in Britain have zero cash savings to draw on in an emergency, according to figures published on Friday by the UK's top financial watchdog, in findings that underscore the financial vulnerability of millions. The Financial Conduct Authority said another 21 per cent of people have less than 1,000 pounds (US$1,332) in savings and that 1.6 million, or 3 per cent of homeowners, had received support from mortgage or credit lenders to manage repayments in the last two years. The data makes sobering reading for Britain's banks and the policymakers tasked with steering a UK economy rattled by inflation, a cooling jobs market and the threat of a global trade war sparked by US President Donald Trump's tariff hikes. The Bank of England's Monetary Policy Committee was split three ways on its May interest rate decision, seven of the nine members backing cuts to reduce the cost of borrowing and keep the economy on track. Almost two-fifths of adults have unsecured debts, with a median amount of 2,500 pounds, the FCA said. "Our data shows that finances are stretched for many - with some unable to save for a rainy day. And we know that some do not have the confidence to invest," said Sarah Pritchard, Executive Director of Consumers and Competition at the FCA. The FCA's survey also found that one-third of adults with a defined contribution pension have less than 10,000 pounds saved, while another 12 per cent didn't know the size of their retirement pots. Only 8.6 per cent of people received financial advice on investments, pensions or retirement planning in the previous 12 months and around 900,000 adults were classed as "unbanked" in 2024, although this was down from 1.1 million in 2022. The FCA said it was working to improve access to financial services help, guidance and advice so that people struggling with debts can build a more financially resilient future. "The FCA's Financial Lives Survey lays bare the financial tightrope that millions are walking," Rachael Griffin, tax and financial planning expert at Quilter, said. "It speaks to a broader cultural reluctance to invest, and perhaps to a lack of confidence or understanding in navigating financial markets," she added.
