The Financial Conduct Authority (FCA) has appointed David Geale the permenant managing director (MD) of the Payments Systems Regulator (PSR) and executive director for payments and digital finance.

The move comes after the UK government announced in March that the PSR would be abolished, with its operations merging with the FCA as part of prime minister Keir Starmer's drive to cut red tape and stimulate economic growth.

Geale, who has been acting as the MD of the PSR since June 2024, is set to play a key role in the work to consolidate the payments regulator into the FCA.

He will also be responsible for helping to deliver the National Payments Vision and driving the FCA’s work on Open Banking and digital finance.

As well as this, he will be take charge of the supervision of payments and cryptoasset firms under the recently announced regime.

“David has played a key role in fostering greater alignment and strengthening the relationship between the FCA and the PSR," said Aidene Walsh, chair of the PSR . "This will be increasingly important as we move towards consolidation while at the same time continuing to deliver the important work that the PSR does, including on APP fraud and card processing fees.”

Geale was previously director of retail banking at the FCA.

He has worked at the FCA and its predecessor, the FSA, for more than 20 years, carrying out a number of roles in policy and supervision.

The new exec director for payments was previously involved in leading and delivering policies such as the Retail Distribution Review and policy changes during the UK’s exit from the European Union.

More recently, David has led the FCA’s work on developing a regime for crypto assets as well as savings rates and reforming the mortgage market as set out in the FCA’s letter to the prime minister on growth.

Nikhil Rathi, chief executive of the FCA said: “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.”

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