The Payment Systems Regulator (PSR) has appointed Andrew Wigston as its interim Head of Supervision and Compliance Monitoring (SCM), following a competitive process.
Andrew’s appointment is effective immediately and he takes over from Oliver Hanmer. The interim period is for an initial period of six months.
Andrew joins the PSR from the Financial Conduct Authority (FCA) where he was Head of Financial Crime Supervision and before that Head of UK Retail Banking Supervision.
Andrew will take over leadership of SCM and its work programme - ensuring that regulatory requirements are complied with, challenging poor practice within firms, and improving outcomes for everyone that uses payments systems.
Commenting on the appointment, PSR Deputy Managing Director Deb Jones, said:
“I’m delighted with Andrew’s appointment. Andrew brings huge amounts of relevant experience to the role having previously led retail banking supervision and financial crime departments, as well as working in the FCA’s Enforcement division. With the SCM department responsible for the supervision of payment firms, their compliance with our directions, and enforcement, Andrew’s experience is a strong fit.
“This is an important time for the PSR and payments regulation. Andrew will take a prominent role in leading our day supervision of the payments sector - working closely with the firms, users, representative bodies and other stakeholders - making sure our directions are followed and our good outcomes are achieved. With the PSR undergoing consolidation into the FCA Andrew will also play a critical role in helping our people adapt and thrive as they prepare for their move into the FCA."
Speaking about his appointment, Andrew Wigston said:
“The regulation of payments has never been more important, and I’m delighted to take on this role. Working closely with our colleagues at the FCA, the work of the PSR has the potential to transform the payments landscape for the good of all users, and I can’t wait to get started.”