The Financial Conduct Authority has appointed Sheldon Mills as its first executive director for consumers and competition, in a newly created post.
He will lead the FCA's division focused on its consumer protection and competition objectives, which include promoting more transparency in motor finance for car buyers.
Mills was formerly interim executive director of strategy and competition at the FCA, but prior to that he was senior director of Competition and Markets Authority overseeing company mergers in the UK economy.
The FCA said: "The new division involves a substantial restructuring of our existing senior management responsibilities for consumer outcomes which have been taken up by Sheldon with immediate effect. Jonathan Davidson, who currently holds some of these responsibilities, will support Sheldon through the transition and help ensure the success of our transformation programme before he leaves the FCA in early 2021."
Nikhil Rathi, the FCA's chief executive, said: “Sheldon has played a crucial role in supporting consumers during the pandemic. I know that Sheldon will bring his knowledge, leadership skills and passion for consumer issues to shape the newly established division and motivate those who work in it to ever higher standards."
Mills said the FCA is "a cornerstone" in ensuring that the UK public has the financial products and services it needs and that wholesale markets function well to support the economy.
“The new division will be able to build a strong coordinated regulatory framework to ensure financial services firms of all sizes deliver products and services that meet the needs of many consumers and small businesses across the country and we will continue to support the industry to serve people well at this time of challenge for people and the economy," he added.