The PSR has its own board and management team, led by Chris Hemsley
We are a subsidiary of the FCA but, as an independent economic regulator, have our own statutory objectives and management structure. We became fully operational on 1 April 2015.
The Payment Systems Regulator Limited (PSR) is registered as a limited company in England and Wales No. 8970864. Registered office: 12 Endeavour Square, London, E20 1JN, United Kingdom.
We have adopted and applied the core principles of the Senior Managers Regime. Read more on this.
The PSR board
The PSR board sets our strategic aims and ensures we meet our statutory objectives. The board is appointed by the FCA with the approval of HM Treasury.
Charles Randell CBE became Chair of the Payment Systems Regulator in April 2018. He is also Chair of the Financial Conduct Authority.
Charles was an external member of the Prudential Regulation Committee from 1 April 2013 until 31 March 2018.
He is also a visiting fellow in financial services regulation at Queen Mary University of London.
Charles was a partner at law firm Slaughter and May from 1989 to 2013. He specialised in corporate finance law, and worked on financial stability and bank restructuring assignments, in particular during the global financial crisis.
Managing Director, Chris Hemsley, joined the PSR in November 2018 as Head of Policy and Strategy. In April, he became co-Managing Director, before being appointed as Managing Director in September 2019.
Chris has extensive experience working for UK regulators. He joined the PSR in November 2018 following his role as Deputy Director of Railway Markets and Economics and Chief Economist at the Office of Rail and Road.
Previously, Chris led the implementation of the UK government’s new support scheme for large-scale renewable electricity generation and before that, led the Civil Aviation Authority’s work on competition and consumer protection.
Noel is a non-executive director of the PSR. He brings a wealth of experience in both financial services and technology.
In 2012 he retired from Accenture where he spent 16 years, latterly Global Managing Director of Accenture’s Global Banking Industry Practice, advising banks on risk, regulation, governance, IT and operations as well as the adoption of new technologies and payments architectures.
Prior to Accenture, Noel was a Partner at Booz Allen & Hamilton. Noel is now engaged in a portfolio of advisory and Board roles in addition to the PSR.
He is a non-executive director of NHS-England, Chairman of NHS Digital, and Chairman of Healthcare UK.
Simon Ricketts has been a non-executive director of the PSR Board since 1 July 2017.
He is also a non-executive director of the HMRC Board, a technology advisor to the Home Office, Chairman of the Independent Assurance Panel for the Emergency Services Communications Programme, a member of the Tricentis Advisory Board and an Honorary Professor at Warwick Business School.
He held executive leadership positions as Chief Information Officer for Rolls Royce PLC, Scottish & Newcastle PLC and Cadbury Schweppes PLC, and a number of non-executive roles within both private and government organisations.
David joined the PSR Board in 2020.
David is the Director of Retail Banking and Payments Supervision at the Financial Conduct Authority. He is responsible for the supervision of retail banking groups and payment services institutions in the UK. Prior to this role David was the Director of Policy, with responsibility for policy development across a wide range of areas both retail and wholesale, and oversight of the FCA’s Innovation Hub.
David has worked in regulation at the FCA (and its predecessor the FSA) for more than 17 years, spanning several different roles in both Policy and Supervision. During his time at the FCA, he has been involved in leading and delivering a number of large scale initiatives including the Retail Distribution Review, the development of the Senior Managers and Certification regime and implementation of PSD II.
David is a previous Chair of the G20/OECD Task Force on Financial Consumer Protection. Prior to joining the regulator, he worked in the financial services industry for 10 years gaining experience in banking, financial advice and mortgages.
Tommaso Valletti joined the PSR Board in 2020.
He is Professor of Economics at Imperial College Business School, and also Professor of Economics at the University of Rome. He has previously taught at the London School of Economics, Telecom ParisTech/Ecole Polytechnique, and Turin.
He was the Chief Competition Economist of the European Commission (Directorate General for Competition) between 2016 and 2019. He was a board director of Consip, the Italian Public Procurement Agency. He has advised numerous bodies, including the EC, OECD, OFCOM, and the World Bank.
Tommaso’s main research interests are in industrial economics, regulation, and competition economics. He has published numerous articles in academic journals. He has a magna cum laude degree in engineering from Turin and holds a MSc and a PhD in economics from the London School of Economics.
Tommaso also sits on the FCA Board.