The UK’s Payment Systems Regulator (PSR) has announced recently that David Geale has been appointed Interim Managing Director of the PSR with effect from 10 June. The interim appointment will be for a period of nine months.
David joins the PSR from the FCA where he “has most recently been Director of Retail Banking with responsibility for supervision and policy.”
He has also been “a non-executive director on the PSR Board since February 2020.”
After the general election, the PSR will begin “the recruitment process for a new Managing Director.”
On David’s appointment, Aidene Walsh, Chair of the PSR said:
“I am delighted that David has agreed to assume the interim Managing Director role for the PSR at an important time of delivery. His time on the PSR Board along with his leadership and wealth of experience in both payments and retail banking in the FCA leaves him very well placed to lead the PSR in its work across the payments ecosystem. We will continue to deliver the important outcomes outlined in our annual plan, our mid-year strategy review and importantly on our horizon scanning at a time of great change in payments both domestically and internationally.”
As reported recently, the PSR has published the “outcome of its recent consultation on proposals to revise Specific Directions 14,15 and 16 associated with card-acquiring services.”
The PSR issued these directions “in 2022 to the 14 most significant providers of card-acquiring services to improve services and choice for businesses receiving card payments.”
Issuing these directions was “a crucial step in giving greater transparency to businesses in what can be a difficult area to compare prices and switch services.”
As a result of these directions, businesses are now able “to find more competitive deals and are prevented from being tied into lengthy contracts for their card readers.”
Earlier this year, the PSR launched “a consultation to ensure the right firms are captured by these directions into the future.”
Following consultation, the PSR is updating the list of “directed firms and introducing a new streamlined method of making changes going forward.”
The PSR also consulted on whether “to add Checkout Ltd to the list, but based on feedback received, has decided not to direct Checkout Ltd at this time. The PSR will keep the list of directed firms under review.”
Oliver Hanmer, the PSR’s Head of Supervision and Compliance Monitoring, said:
“Issuing these directions marked an important increase in transparency and choice for businesses, making it easier for them to shop around or negotiate the best deal possible on card services, potentially saving them thousands of pounds a year in fees. By refreshing the way our list of directed firms is updated, our directions and the remedies we implemented will continue to deliver positive outcomes for UK businesses.”