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Decision making committees

Enforcing regulatory and competition law

Decision making committees

When standards fall well below what we expect, we may take enforcement action for failure to comply with our directions or requirements.

Certain decisions we make on enforcement of regulatory and competition law may need to be approved or taken by the Enforcement Decisions Committee or the Competition Decisions Committee.

On this page we:

  • Document our enforcement decisions
  • explain the purpose of the Enforcement Decision Committee  and the Competition Decisions Committee and how they work 
  • provide further information about their membership

Enforcement decisions

Decision notice - Cheque and Credit Clearing Company Ltd (C&CCC)

The Enforcement Decisions Committee

The Enforcement Decisions Committee, or EDC, is a committee of the Board. Its purpose is to take regulatory enforcement decisions for the PSR when a settlement cannot be reached.

The EDC has a Chair and Deputy Chair, and currently has a pool of nine members from which three-person panels can be drawn.

How the EDC works

From time to time, when standards fall well below what we expect, we may take enforcement action against a payment systems participant that has failed to comply with our directions or requirements.

Where we have found that there is a compliance failure, and we consider that it should be sanctioned, we will make a referral to the EDC. The EDC will then determine whether to issue a warning notice in relation to sanctioning the compliance failure.  The payment systems participant has the opportunity to make representations to the EDC about the warning notice and whether it should be sanctioned.

The EDC will then issue a final decision notice, in which it will decide whether it is appropriate to publish details of the compliance failure and/or impose a financial penalty.

While it is a committee of the Board, the EDC is separate from anybody at the PSR who has investigated whether a compliance failure has been committed.

The Competition Decisions Committee

The purpose of Competition Decisions Committee, or CDC, is linked to the competition powers we have under the Competition Act 1998 (CA98) and under Articles 101/102 of the Treaty on the Functioning of the European Union (TFEU).

The CDC currently has four members from which three-person panels can be drawn. A Procedural Officer will also be appointed.

How the CDC works

If we think that the behaviour of one or more participants in payment systems amount to a breach of CA98 (or the corresponding EU law provisions), we will issue a Statement of Objections.

Once a Statement of Objections has been issued, the CDC will consider whether or not the participant(s) in question have indeed breached CA98. The participant(s) in question will also have a chance to make representations to the CDC.

After considering their representations on the Statement of Objections, we will provide the parties with a draft penalty statement if the CDC is minded to reach an infringement decision and to impose a penalty.

After consideration the CDC will have the final say whether an infringement decision is adopted, and whether any financial penalty and/or any directions are imposed on the party or parties concerned

So, in summary, the CDC is a group of experts appointed to act as the decision-maker on whether, based on the facts and evidence before it, the legal test for establishing an infringement of competition law has been met and, where appropriate, on the level of the financial penalty to be imposed.

Like the EDC, the CDC is a committee of our Board, and its members will not have been involved in the investigation and in the decision to issue a Statement of Objections.

Membership of the EDC and CDC

On 21 September 2015 we announced the members of the EDC and CDC for an initial three-year term. Some members sit on both committees, as shown below.

Caroline Ramsay is a Chartered Accountant with 20 years’ experience in insurance and investment management gained during her executive career in Finance and Audit. Caroline has previously been UK Chief Financial Officer for RSA and prior to that held a number of senior finance roles within Aviva, after spending the first 12 years of her career at KPMG where she qualified as a Chartered Accountant in 1984.

In June 2015 Caroline retired from her role as Group Chief Internal Auditor, RSA Group, to develop her Non Executive portfolio. Caroline is the Non-Executive Audit Committee Chair at Aegon UK, a leading UK pensions provider. Caroline has been appointed as a member of the RDC and EDC.

Chris Cummings is the founding Chief Executive of TheCityUK, a post he has held since September 2010. He has led and launched two trade associations in the financial advice sector and written two books on financial services regulation. Chris has also held senior posts in banking, insurance and in consulting where he advised major global firms and public sector bodies. Chris is a member of the Foreign and Commonwealth Office’s Diplomatic Excellence Panel and has advised the Treasury on regulatory matters.

He is a member of Cass Business School’s Strategy Board and holds a Visiting Professorship from the University of South Wales. He is a Fellow of the CIM, a columnist, commentator and speaker on issues of international policy and regulation in financial and related professional services. Chris has been appointed as a member of the RDC and EDC.

Elizabeth France is Chair of the Security Industry Authority, Chair of the Police Advisory Board for England and Wales, a member of the British Transport Police Authority, a member of the Ofgem Enforcement Decision Panel and a member of the General Assembly of Manchester University.

Until 31 March 2014 Elizabeth was Chair of the Office for Legal Complaints. From 2002 to 2009 she was Chief Ombudsman and Chief Executive of the Ombudsman Service Ltd, which provided the Telecommunications Ombudsman Service (Otelo), the Energy Ombudsman Service and the Surveyors Ombudsman Service. She was a Non-Executive Director of the Serious Organised Crime Agency from 2005-2010. Elizabeth began her career in the Home Office, became the Data Protection Registrar in September 1994 and Information Commissioner in January 2001.

She has been awarded honorary doctorates by the Universities of De Montfort, Loughborough and Bradford and is a Fellow of Aberystwyth University. In June 2002 she was awarded a CBE for services to data protection. Elizabeth has been appointed as a Deputy Chair of the RDC and EDC.

Jonathan Haskel is Professor of Economics at Imperial College Business School, Imperial College London. He was previously Professor and Head of Department at the Department of Economics, Queen Mary, University of London.

He has taught at the University of Bristol and London Business School and been a visiting professor at the Tuck School of Business, Dartmouth College: Stern School of Business, New York University and the Australian National University. His research interests are growth, productivity and the knowledge economy and he has published papers on these topics in a number of journals.

Jonathan is a research fellow of the Centre for Economic Policy Research and the IZA, Bonn and an Associate Editor of Economica. He has just finished his term as a Reporting Panel Member of the UK Competition Commission serving on market investigations into British Airports Authority, home credit and mobile telephones.

He is an elected member of the Council of the Royal Economic Society. Jonathan has been appointed as a member of the EDC and the FCA and PSR CDCs.

He has over 35 years of experience in payment systems, cards, treasury, transaction banking and fund management gained in UK and international financial services. He sits as a non-executive or independent member on a number of bodies.

Kevin is currently a non-executive Board member and the Chair of Audit, Risk & Governance Committee at Phone-paid Services Authority, non-executive Chairman of FundRock Management SA, Chair of the Advisory Committee of Form³ Financial Cloud and is an independent Board member and Chair of the Strategic Advisory Forum on the RGTS/CHAPS Board at the Bank of England. He was also on the inaugural advisory panel for the UK Payment Systems Regulator until mid-2015.

Kevin is a Fellow of the Chartered Institute of Bankers and was with RBS for 35 years, where he was Global Head of Transaction Services until April 2014. He has a strong external profile as an industry expert and speaker on global transaction banking, payments and treasury/funds business and regulatory issues. He has represented RBS and the UK on a number of external bodies. He had direct involvement in the design and development of the UK’s Faster Payments service and became the inaugural Chairman of the UK Faster Payments Scheme in November 2011, a position that he held until 2013.



Malcolm Nicholson was a partner at Slaughter and May specialising in competition matters for over 25 years until his retirement in 2009. Since 2009 he has been a Panel member of the Competition and Markets Authority (formerly the Competition Commission).

He was a non-executive director of the Cambridge University Hospitals NHC Trust from 2010 to 2012, and a director of the Solicitors Regulation Authority from 2009 to 2013.

Since 2012 he has been a member of the Conduct Committee and Chair of the Case Management Committee of the Financial Reporting Council. Malcolm has been appointed as a member of the EDC and the FCA and PSR CDCs

Professor Robin Mason is an academic economist with extensive experience in competition and regulation. He is Pro Vice Chancellor at the University of Exeter, and Executive Dean of the Business School and Professor of Economics. Previously he was Eric Roll Professor of Economics and Head of Economics at the University of Southampton. His area of academic expertise is industrial organization in general, and in particular the economics of regulation and competition.

He is a Council member of the Chartered Association of Business Schools, a fellow of the Centre for Economic Policy Research, and a companion of the Chartered Management Institute.

He has been a member of the UK’s Competition and Markets Authority (formerly the Competition Commission) since 2009, and sits on the CMA’s specialist Communications Act panel, as well as its cost of capital advisory group. He has worked with several of the utility regulators in the UK, including Ofgem (on cost of capital, as part of their review of price controls) and Ofcom (where he served as a member of the panel of economic advisers). He has also advised the Prime Minister of Mauritius on competition legislation, and provided expert advice for ComReg, the Irish communications regulator.

He has acted as an economic consultant and expert witness for a number of private sector clients. Robin also serves as a Governor of the Maynard School in Exeter, Devon. Robin has been appointed as a member of the EDC and the FCA and PSR CDCs.

Stuart McIntosh is an economist with extensive experience in regulation and competition economics. He was previously an executive member of the board of Ofcom, the UK communications regulator. He had executive responsibility for Ofcom’s work on the economic regulation of the sectors overseen by Ofcom, encompassing both regulatory policy and enforcement.

He was also responsible for the conduct of Competition Act investigations undertaken by Ofcom employing its powers as a concurrent regulator (with the Competition and Markets Authority). Stuart was previously a partner with Coopers & Lybrand/ PwC, where he led the firm’s telecommunications strategy consulting practice. He also held senior positions with IBM and BT.

Stuart is currently a senior adviser to KPMG’s telecommunications practice and is also a member of the ManSat Advisory Board. Stuart has been appointed as a member of the EDC and the FCA and PSR CDCs.

Tim Parkes is Chair of the RDC and EDC. He has been a partner at global law firm Herbert Smith Freehills LLP for more than 28 years, after serving 10 years as an associate and articled clerk.

As a commercial disputes solicitor in the areas of litigation, arbitration and alternative dispute resolution, he practised in both London and Hong Kong, dealing most recently with complex, high-value disputes arising out of the global financial crisis, often involving regulatory considerations.

He was the firm's Executive Partner, Asia Managing Partner and latterly Head of Commercial Litigation in London. He was also a member of the firm's governing Council for many years.

Tim has worked as Legal Assessor to the London Stock Exchange's Quotations Committee and sat for a total of five years as an elected Council Member of the Law Society of Hong Kong.

During his career he has taken a keen interest in legal pro bono work, which has included voluntary work in a CAB-linked legal advice centre. He is currently a trustee of the Army Museums Ogilby Trust.

Philip Marsden joined the EDC & CDC in February 2016.

He is a competition lawyer with over 30 years’ experience in advising corporates and governments, particularly on fast-moving consumer markets and agency decision-making.  Since 2014 he has been an Inquiry Chair at the UK Competition and Markets Authority, deciding on Phase 2 Merger cases and Market Investigation References, and chairing Case Decision Groups in antitrust cases.

Philip is Professor of Law and Economics at the College of Europe, Bruges, teaching the core LL.M. competition course and is co-founder and General Editor of the European Competition Journal, and the Oxford University Press Competition Law case reporter series.  He is also a Board member of the Channel Islands Competition and Regulatory Authorities and a member of the Legal Services Consumer Panel. Philip’s past career includes serving on the Board of the Office of Fair Trading; chairing the British Institute’s Competition Law Forum, and working in private practice in London, Toronto and Tokyo, and as a competition official. 

Philip is also a member of the FCA’s CDC and RDC.