The Financial Conduct Authority (FCA) has appointed David Geale as permanent managing director of the Payment Systems Regulator (PSR) and executive director for payments and digital finance, having been acting managing director of the PSR since June 2024.
In his role, Geale will have responsibility for helping to deliver the National Payments Vision, and for progressing the FCA’s work on Open Banking and digital finance.
He will also play a “key role” in the work to consolidate the PSR into the FCA, as announced by the government in March.
In addition, Geale will be responsible for supervising payments and crypto asset firms under the recently-announced regime.
David Geale, managing director, PSR
Aidene Walsh, chair of the PSR, said: “David has played a key role in fostering greater alignment and strengthening the relationship between the FCA and 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.”
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.”
“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,” added Geale.
He was previously director of retail banking at the FCA, and worked at the FCA and its predecessor, the FSA, for more than 20 years, in policy and supervision roles.
Further reading: FCA to publish Open Finance rollout ‘roadmap’ within a year
