Psr Governance

PSR governance

The PSR has its own board and management team, led by Chris Hemsley

The PSR was officially created under the Financial Services (Banking Reform) Act 2013. As an independent economic regulator, we have our own statutory objectives and management structure and board and we are directly accountable to parliament. 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. The PSR is a fully independent subsidiary of the FCA, but shares some operational services. 

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.

Read our board minutes

Read our board effectiveness review

Read our Conflict of Interests policy for Non-Executive Directors

Executive Director Expenses


The board


Charles Randell

Chair of the Payment Systems Regulator & Financial Conduct Authority


Chris Hemsley

Managing Director of the Payment Systems Regulator


Simon Ricketts

A non-executive director of the PSR Board


David Geale

Director of Retail Banking and Payments Supervision, Financial Conduct Authority


Tommaso Valletti

Professor of Economics, Imperial College Business School & SIts on the PSR Board


Aidene Walsh

Non-executive director of the PSR Board

Faith Reynolds

Faith Reynolds

Non-executive director of the PSR Board

Charles Randell

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.


Chris Hemsley

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.  


Simon Ricketts

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 Geale

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

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.

Aidene Walsh

Aidene Walsh is currently an Executive Director with Banking Competition Remedies Ltd (BCR), the organisation established to implement the Alternative Remedies Package of measures agreed between the UK Government and the European Commission. She is lead director on the Capability and Innovation Fund Scheme.

Prior to joining BCR, she was CEO of The Fairbanking Foundation. In her 26-year banking career, she has held various leadership roles in international and domestic commercial and transaction banking across Lloyds Banking Group, RBS, ABN Amro and Citigroup.

Aidene’s term as a member of the PSR Board started with effect from 1 June 2020.

Faith Reynolds

Faith Reynolds works in an advisory capacity across a range of fintech, Smart Data and Open Finance initiatives. Faith is a non-executive director for Fair4All Finance which is responsible for promoting financial inclusion through the distribution of dormant assets. Faith is also an independent director for the Current Account Switch Service at Pay.UK.

In addition to these roles, Faith is the Consumer Lead at start-up Amplified Global where she chairs their Governance and Ethics Working Group. She is the Independent Consumer Representative on the Open Banking Implementation Entity Steering Group (until May 2021). Previously, Faith was also a member of the Authorised Push Payment Scams Advisory Group for the Lending Standards Board and the FCA's Financial Services Consumer Panel.

Faith’s term as a member of the PSR Board started with effect from 19 April 2020.