David Geale Appointed Executive Director for Payments and Digital Finance
David Geale has taken on the role of executive director for payments and digital finance, where he will be instrumental in advancing the National Payments Vision and spearheading initiatives in open banking and the expanding realm of digital finance. His appointment coincides with the UK Government’s decision to merge the Payment Systems Regulator (PSR) with the Financial Conduct Authority (FCA), a move outlined in March of this year.
Responsibilities and Contributions
In addition to his new responsibilities, Geale will oversee the regulation of payment service providers and cryptocurrency firms under the newly established framework. Aidene Walsh, chair of the PSR, highlighted Geale’s significant contributions towards enhancing collaboration between the FCA and PSR. She emphasized the importance of this cooperation amid the ongoing consolidation process, which will support critical functions of the PSR, such as:
- Addressing Authorised Push Payment (APP) fraud
- Managing card processing fees
Nikhil Rathi, the Chief Executive of the FCA, praised Geale’s extensive expertise, stating that it will be crucial in realizing the objectives of the National Payments Vision and enhancing the prospects of open banking and finance.
Geale’s Vision and Experience
Expressing his enthusiasm for the new position, Geale remarked on the significance of this moment for both organizations and the payments sector as a whole, indicating his eagerness to collaborate with stakeholders, consumer advocates, and industry leaders to propel their initiatives forward.
Before this appointment, Geale served as the director of retail banking at the FCA. His career spans over two decades within the FCA and its predecessor, the Financial Services Authority (FSA), where he has held various roles focused on policy formulation and regulatory oversight. His previous work includes:
- Leading key initiatives like the Retail Distribution Review
- Managing policy adaptations during the UK’s departure from the European Union
- Shaping the FCA’s approach to cryptoassets, money-saving strategies, and proposed reforms in the mortgage market
The latter was outlined in communications to the Prime Minister regarding economic growth strategies.
Leadership Changes
As Geale steps into his new position, two interim directors have been confirmed as permanent appointees:
- Emad Aladhal will take on the role of permanent director of retail banking
- Andrea Bowe has been named the permanent director of the specialist directorate
This formalizes their contributions during their interim tenures.
