UK’s FCA Sets Up Shop in Washington and Sydney to Boost Financial Ties

The UK Financial Conduct Authority (FCA) is establishing a permanent presence in the United States and Asia-Pacific for the first time, as part of a new strategy to boost international engagement and support cross-border financial services.

The regulator said Tash Miah has begun a new role at the British Embassy in Washington, DC, where she will work with the UK Department for Business and Trade to strengthen UK-US regulatory cooperation and assist U.S.-based financial firms in navigating UK rules.

In Australia, Camille Blackburn, the FCA’s current Director of Wholesale Buyside, will head a new Asia-Pacific regional office starting July 2025. Her role will focus on helping APAC firms enter the UK market or raise capital, while supporting UK financial institutions seeking expansion in the region.

“The UK is a global hub for financial services. These appointments will help us support growth through the export of UK financial services and attracting more inward investment,” said Sarah Pritchard, the FCA’s Executive Director for Supervision, Policy, Competition and International.

The move aligns with one of the FCA’s key growth goals outlined in its letter to the Prime Minister—improving exports and inward investment.

Blackburn brings over 25 years of regulatory experience, having held senior roles at the Central Bank of Ireland, ASIC, and the Australian Treasury, as well as compliance leadership roles in major financial firms. Miah, who joined the FCA in 2022, previously worked at Morgan Stanley and spent time in Hong Kong covering hedge fund clients.

Earlier this week, the FCA raised concerns about how trading apps are engaging with retail investors, following a review of 12 firms that revealed shortcomings in pricing models, risk assessments, and digital engagement features.

The FCA’s review found that while some firms act solely as introducers, directing clients to affiliated platforms, others operate as “manufacturers and distributors” of financial products, and must ensure they meet regulatory obligations under existing rules.

Revenue models varied widely across firms, including transaction and subscription fees as well as interest earned on client cash balances. Some pricing structures may not deliver fair value to customers and may need to be reassessed, the regulator said.

All firms acknowledged the importance of using digital engagement practices (DEPs) like notifications responsibly. However, the effectiveness of appropriateness checks was mixed, with some firms lacking adequate safeguards to assess whether customers understand the risks of high-risk investments.