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Payment Systems Regulator names new board and details annual plans

The Payments Systems Regulator (PSR) has a new look boardroom today (1 April), and others are set to join later this month.

Financial Conduct Authority (FCA) non exec Nick Stace has become a non-executive director of the PSR, joining Carole Begent and Noel Gordon who have been reappointed as general counsel and head of regulatory & competition enforcement, and non-exec respectively.

Louise Buckley and Chris Hemsley will start their roles as interim co-managing directors later in April.

Welcoming the appointments, Charles Randell, chair of the PSR, said: “With this executive team on the board and a strong group of non-executive directors, including Noel and Nick, the PSR will be well placed to continue to deliver its objectives in a fast-changing payments world.”

Buckley has worked at the PSR since January 2015, and as its chief operating officer has led the people, business management, risk and communications aspects of the organisation. Hemsley joined the PSR as head of policy & strategy in November 2018, and has extensive experience working for UK regulators.

Their arrival as co-managing directors follows the official departure, today, of long-serving Hannah Nixon. The board appointments come just days after the PSR announced its Annual Plan for 2019-20.

Key to its work will be protecting people from authorised push payment scams through the implementation of the 'Confirmation of Payee' measure, as well as overseeing the delivery of the New Payments Architecture, which is expected to see a growing focus on developing and supporting digital payment platforms.

Although digital payment innovation is a focus, the PSR is also keen to ensure access to cash through ATMs and “longer term sustainable access to payment methods”.

This year will also see the organisation continue a market review into card acquirers to make sure the supply of these services is working well for merchants, and ultimately consumers.

All of these initiatives are expected to take place against the backdrop of ongoing work with HM Treasury, the Bank of England and the FCA to prepare the payment and business world for the UK’s withdrawal from the European Union.