The Financial Conduct Authority has promoted Sheldon Mills to the position of interim executive director of strategy and competition.
He is currently the FCA’s director of competition and will replace Christopher Woolard as he steps into the role of interim chief executive in place of Andrew Bailey who is set to become Bank of England governor.
Mills, who will also become a member of the FCA’s executive committee, joined the FCA in September 2018 from the Competition and Markets Authority, where he served as a senior director for mergers and state aid.
“I am delighted to be stepping up to lead the FCA’s strategy and competition division,” he said.
“The FCA’s work makes a real difference to the everyday lives of people across the UK. I’m committed to continuing that crucial work in developing robust policy, promoting competition and encouraging innovation.”
Woolard described Mills, who will take up the role on 16 March, as “an inspirational leader”.
“His appointment will ensure the FCA continues to deliver for consumers,” Woolard said.
Bailey will take over from current Bank of England governor Mark Carney on 16 March 2020, and he will serve in the role until March 2028.
The FCA has not appointed a permanent successor yet.