Executive Director Payments & Digital Finance, FCA and Managing Director, PSR

The FCA has retained Odgers Berndtson to advise on this appointment. For further information about the position and additional details on qualifications, requirements, terms and conditions of service and how to apply, please contact [email protected] and use this link to apply, providing both a CV and a cover letter www.odgers.com/93008 .  

About the FCA & PSR 

The FCA is creating a fair and more resilient financial system and establishing more transparent relationships between financial services and customers; building trust in financial markets, protecting vulnerable consumers and supporting international competitiveness and growth of the UK economy. 

The organisation is currently on an exciting journey as it builds on a significant transformation agenda across people, process, and technology to become a more forward-thinking, proactive regulator. The aim is to use data more effectively to drive better regulatory decisions and build greater cohesion across their broad financial services remit. 

Significant improvements in digital enablement, business intelligence, market data and information management maturity are all being pursued to maintain their position as a world leader in financial services regulation. 

The Payments and Digital Assets directorate focuses on reducing harm and delivering the FCA objectives in the payments and digital assets sectors. Four departments make up the directorate; two Market Intervention departments supervise payments and crypto assets firms, the Policy department develops policy to address the challenges and opportunities in the sectors and the Cross-Cutting Market Analysis and Strategy department develops sector wide strategies and provides the analysis and data to identify risks, opportunities and trends to support supervision and policy making. 

The directorate supervises over 1,250 non-bank payments providers, including payments, e-money and open banking firms. It also oversees the crypto sector for money laundering and counter- terrorist financing purposes, and for compliance with the financial promotions regime. It is focused on driving up standards in both sectors. In the payments sector it is concentrating on key risks including financial crime, fraud, safeguarding and financial resilience. It is also working to ensure the Consumer Duty is implemented. In the crypto sector, on top of preventing the use of crypto assets for money laundering purposes and tackling misleading crypto ads, the directorate works with law enforcement partners to tackle Serious Organised Crime and engages with international regulatory partners. 

The directorate focuses on four other areas to support its work. It: (a) sets the overall strategy for payments and digital assets; (b) focuses on data exploitation and efficiencies; (c) identifies, understands and mitigates risk ensuring lessons are learnt and opportunities are seized; and (d) undertakes current state assessments and horizon scanning. 

Payment Systems Regulator (PSR) 

Payments are crucial for everyone in society. They are important for the UK, supporting domestic and international trade and providing major opportunities for the UK’s world-leading fintech sector as well as existing participants across the payments ecosystem including end users.  

Innovation in payments continues to progress rapidly, with many people and businesses adopting digital options as part of their payment journeys. New payment methods such as distributed ledger technology are developing, discussions continue in respect of a digital pound, and the role of Big Tech firms in payments is progressively more significant.  

Alongside these domestic changes, there are significant global developments. As alternative payment systems emerge across the world, with increasing levels of interoperability between them, these developments provide important opportunities, as well as challenges. How do we ensure competition is effective in this changing landscape? How do all end users access the services they need and be adequately protected? How will broader global developments affect innovation and service provision in the UK, and how will the Payment Systems Regulator (PSR) respond? 

The four priorities the PSR has committed to are: protection, competition, unlocking account-to-account payments, and access and choice. 

The PSR’s statutory objectives are: 

• to ensure that payment systems are operated and developed in a way that considers and promotes the interests of all the businesses and consumers that use them  

• to promote effective competition in the markets for payment systems and services - between operators, PSPs and infrastructure providers 

• to promote the development of and innovation in payment systems, in particular the infrastructure used to operate those systems. 

To meet these objectives the PSR has a range of strong regulatory and competition powers over schemes and their participants. They became fully operational in 2015 and as an independent economic regulator is an important part of the regulatory infrastructure of the UK. They are directly accountable to Parliament and funded by the payments industry. They work closely with other regulators involved in this sector (notably the Financial Conduct Authority, the Bank of England and the Competition and Markets Authority) and operationally is an independent subsidiary of the Financial Conduct Authority. 

Background to the appointment  

This is a newly created Executive Director position, fulfilling the role of Managing Director of the Payment Systems Regulator (PSR) and overseeing the wider payments portfolio across the Financial Conduct Authority (FCA).   

As an Executive Committee member in both regulators and as a member of the PSR Board, the successful candidate will take on a strong leadership role at the heart of payments in the UK and internationally at a time of substantial change and growth. This will include leading the PSR and FCA’s contributions to the delivery of the National Payments Vision and driving forward both regulators’ roles in open banking and digital finance.   

The successful candidate will ensure an integrated approach to the regulation of payments firms and payment systems through the distinct but related work of the PSR and FCA in line with their legislative and operational priorities as set out in the relevant financial services legislation (FSBRA and FSMA).   

As Managing Director of the PSR, the postholder will be responsible for ensuring that the Payment Systems Regulator fulfils its statutory objectives, in particular to promote competition and innovation in the market for payment systems and services, as well as overseeing its operational effectiveness and impact as an independent regulator.    

The Executive Director will be accountable for ensuring that, through FCA and PSR regulation, payment firms and payment systems are efficient and effective as a marketplace and work well for service users.   

The appointment is subject to confirmation by HM Treasury.  

The Role   

What will the candidate get from the role?  

• Joining the Senior Leadership Team at the FCA during an exciting and challenging time of great change in financial services and its regulation  

• Leading a division of talented and committed people through significant projects whilst also delivering on business-as-usual objectives  

• Exposure to strategic issues and key players in the world of finance, both nationally and internationally  

Key responsibilities:  

• Ensure that the PSR and FCA promote and bring change to the payments and digital finance industries, injecting competition and innovation whilst protecting the needs of end users.   

• Join the Executive Committee for the FCA and chair of the Executive Committee for the PSR – with collective leadership responsibility for the success of both organisations and acting as an ambassador for our combined vision across the UK and at an international level.  

• Shape and lead both regulators’ roles in delivering the National Payments Vision to modernise the UK’s payment infrastructure and services in the context of significant technological change.  

• Oversee the wider Payment and Digital Finance portfolio. Develop policy and supervision capability across both regulators to promote innovation and competition and reduce harm in these dynamic and fast-evolving sectors – including firms and entities providing services for payments eMoney and digital assets. This includes leading on supervision for over 1250 regulated firms providing services to businesses and consumers. 

• Line manage the PSR Executive team and FCA Director of Payments and Digital Assets. Provide executive leadership to the wider senior leadership team across around 10 departments comprising over 300 people.  

• Play an ambassadorial role for both organisations; drive a culture of high performance, forward-thinking and innovation to enhance our agility and impact in the changing payments landscape.   

• Build a strong and inclusive culture that attracts and develop diverse talent in support of the PSR and FCA’s diversity, equality and inclusion commitments.  

• Fulfil the role of Managing Director of the PSR – reporting to the PSR Board and ensuring that the regulator meets its statutory objectives. These include:  

• Ensuring that payment systems are operated and developed in a way that considers and promotes the interests of those who use or are likely to use services provided by them;  

• Promoting effective competition between operators, Payment Service Providers (PSPs) and infrastructure providers in the markets for payment systems and services;  

• Promoting the development of and innovation in payment systems.  

• Be accountable to the PSR Board for overseeing budget, resource and operational effectiveness decisions for the PSR.   

Skills/Experience Required   

The FCA are a signatory to the Government’s Disability Confident scheme. This means that we will offer an interview to disabled candidates entering under the scheme, should they meet the minimum criteria for a role. A minimum criterion needs to be measurable from reviewing a candidate’s CV.  For example, ‘Experience of employment law’ is measurable from looking at someone’s CV but ‘Knowledge of HR practices’ is not.’ 

Minimum   

• Significant experience of managing and influencing key stakeholders, including senior decision makers internally and externally  

• In-depth experience in and ideally experience, of the payments sector, the UK regulatory and competition framework and the operations of both the FCA and PSR. 

• Proven capabilities in creating vision and shaping strategy with evidence of successful operational delivery. 

• A proven leader with an outstanding track record of managing high performing multidisciplinary teams. Models behaviours in line with the PSR and FCA values and capabilities. Able to deliver organisational priorities.  

• Significant stakeholder management skills, ability to negotiate with and influence senior people in private and public sectors, including UK government. 

Essential   

• Strong commitment to the aims and objectives of the FCA and PSR. Capable of balancing the statutory objectives at a strategic level, including through a strong consumer focus. Aware of the practical implications of a regulator’s actions on market participants.  

• Highly collaborative approach as part of a leadership team with an ability to motivate and carry a large organisation through a period of immense change.  

• Significant regulatory or payments industry-based experience including complex strategic issues.  

• Ability to influence and build credibility with national and international opinion makers.  

• An understanding of the UK legislative framework and international standards.  

• Excellent analytical skills, the ability to make difficult and complex judgements, taking the legal, political and economic environment into account to demonstrate transparent decision-making. 

• Excellent communication skills with the ability to articulate complex decisions and concepts to a range of different stakeholders with competing agendas.  

• The drive and tenacity to maintain focus and performance in the face of public criticism.  

• Embody integrity, bring determination and - above all - resilience. The successful candidate will have acute political sensitivity and awareness as well as an ability to inspire confidence and credibility. 

The FCA’s Values & Diversity   

FCA 

Our ambition is to create a diverse and inclusive workplace that reflects the society we serve, helping us to be a better regulator. We serve the public and our decisions directly affect the wellbeing of people, businesses and the UK economy.  So, our values matter. They represent the culture we aspire to every day, guiding our judgements, building trust and helping us to be ‘At our best’. 

The FCA is committed to achieving greater diversity across all levels of our organisation. Given this, we particularly welcome applications from women, disabled, and minority ethnic candidates, as under-represented groups. 

As an inclusive employer, we are open to considering flexible working arrangements, including job shares. Please inform your recruiter if you wish to apply for this role on a flexible basis. 

As part of the FCA’s on-going commitment to develop our national presence, most of our vacancies are now open to working in our Edinburgh, Leeds or London offices. This means that as part of the application process you will be able to select your preference of which office location you would like to work from. 

Application Support 

We want to remove any possible barriers and are committed to providing a wide range of reasonable adjustments so that you can keep the focus on your conversations and be at your best.  

If you have an accessibility requirement, disability, or condition that means you might require changes to the recruitment process, please contact your recruiter to discuss this further. Our aim is to make you application as easy as possible, and your recruiter will be happy to work with you to make any necessary arrangements where possible. 

Benefits  

Our competitive benefits scheme gives you the opportunity to create a personalised benefits package, tailored to suit your lifecycle. You can this this allowance to purchase additional benefits such as dental or cycle to work, or you have the option to top up your base salary by taking this as cash. 

Core benefits that you will receive as standard are: 

• 30 days holiday per year plus bank holidays  

• Private healthcare with Bupa 

• A non-contributory Pension of at least 8% of basic salary each month (there are several contribution levels that increase depending on your age- up to 12% a month once you reach age 35) 

• Life assurance of eight times your basic salary 

• Income protection 

Conflicts of interest  

All applicants to the FCA are required to demonstrate that they do not have other interests likely to conflict with their responsibilities as an employee of the FCA. You should declare any potential conflict of interest as early as possible in the selection process, and also disclose information or personal connections that, if appointed, might be open to misperception.   

Any potential conflicts of interest will not prevent candidates going forward to interview but may, if appropriate, be explored during the interview to establish how the candidate would address the issue(s) should they be successful in their application.   

Useful information  

• The closing date for this role is 23:55 on Sunday 9th February. 

• Selection will be via a two-stage interview and psychometric assessment   

• If successful, you will be required to obtain and retain SC Clearance.   

• We operate a hybrid working policy with an expectation that senior leaders spend a minimum of 50% of their working time each month in the office.