(Bloomberg) -- The UK’s Financial Conduct Authority appointed Simon Walls to temporarily oversee the division responsible for regulating trading floors across London as part of a broader revamp of its top ranks.
Walls was named interim executive director of the watchdog’s markets division after Sarah Pritchard, the current staffer holding that role, was put in charge of the FCA’s consumers and competition unit, according to a memo to staff seen by Bloomberg.
The moves come after Sheldon Mills, who has led some of the FCA’s most high-profile work in recent years, took a temporary leave of absence, according to a person familiar with the matter. Mills is expected to return in January, the person said, asking not to be named discussing personnel information.
A spokesperson for the FCA confirmed the contents of the memo but declined to comment further.
Walls is taking the helm of a division that handles a variety of prominent subjects, from listing applications to market abuse. He first joined the Bank of England in 2003 and then the FCA’s predecessor — the Financial Services Authority — in 2006, according to the memo. He was most recently leading the FCA’s sell-side team, a role that will now be filled by Mark Francis.
The changes come as the FCA’s current chief executive Nikhil Rathi nears the end of his five-year term at the top of the agency. Rathi has not yet said whether he will seek to stay on at the agency when his term expires in 2025, though the Treasury is likely to soon begin a hunt for his possible successor, Sky News reported earlier this week.
Pritchard will retain responsibility for the agency’s international division as part of the reshuffle, the memo said.
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