Financial Conduct Authority (FCA) executive director of consumers and competition Sheldon Mills is leaving the regulator, according to a report.
Mills, who joined the FCA in 2018, will step down in the next few months and has been asked to lead a review into the use of artificial intelligence (AI) in financial services, Sky News reports.
If Mills does depart it will be the second senior FCA leader involved in the pure protection market review to leave this year after director of insurance Matt Brewis left to join KPMG in the summer.
Oversight of competition market studies
Mills (pictured) has been executive director, consumers and competition since December 2020, which includes co-leading the supervision, policy and competition (SPC) division, with a focus on retail financial services and cross-sectoral matters.
He also oversees the FCA’s competition market studies and competition enforcement activities and prior to this year had spoken several times about the regulator’s pure protection market study.
However, Sky News added that he is said to have been on a leave of absence for much of the last 12 months.
A message on the FCA website notes his executive responsibilities are currently being covered by deputy chief executive Sarah Pritchard and Payment Systems Regulator managing director David Geale.
Among his other responsibilities, Mills is the chairman of the FCA’s Executive Regulation and Policy Committee and the executive director sponsor for the Consumer Duty, the compensation and redress framework, as well as technology and artificial intelligence use in financial services.
Health & Protection contacted the FCA for comment.