FCA Appoints Aidene Walsh as PSR Chair

The British
Financial Conduct Authority (FCA), the country’s financial markets regulator,
has confirmed Aidene Walsh’s appointment as the Chair of the Payment Systems
Regulator (PSR). Welsh has served as the Interim Chair since April and was recently commissioned
for a full three-year term.

According
to the press release published on Wednesday, Walsh’s appointment was made by
the FCA Board, followed by the Treasury’s approval.

The PSR was
established as an independent economic regulator in 2015 with its own statuary
objectives and governance structure. Although it shares some operational
services with the FCA, it is entirely independent in its decisions. However,
under local laws, the Chair of the PSR is elected by the FCA.

Aidene
Walsh became a member of the PSR Board in June 2020 and has served as the Interim
Chair since April 2022. Currently, she holds the role of Executive Director with
Banking Competition Remedies Ltd (BCR) and was previously a Chair of The
Fairbanking Foundation.

The new Head of PSR’s has over 26 years of banking experience, having held several
leadership roles in domestic and international institutions in the banking
sector during that time. She has worked at Citigroup and ABN Amro in European
Transaction Banking, at RBS in Global Network Banking and at Lloyds in Merchant
Acquiring and Commercial Cards Division.

“I am
delighted to have been appointed Chair of the PSR at such an important time for
UK payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term and the wider economy. The next couple of years will see delivery
of vital developments in payments as well as new innovations,” Walsh
commented on the appointment.

As the new
Head of the PSR, Walsh will join the FCA Board. It ensures that the two organizations
work together and effectively develop the country’s payment services system.

“The
PSR will continue to work with payment operators and firms, consumer and
business groups and other regulators to ensure that the UK’s payment systems
are fit for the future and that the wider ecosystem delivers competition and
innovation. It will also ensure that choice and protection is front and centre
when people and businesses make payments and take appropriate action where this
is not the case,” Walsh added.

Earlier this
week, the FCA reported that Baroness Zahida Manzoor was reappointed to lead the
Financial Ombudsman Service (FOS) as its Chair for a second term, which will
run until August 2025.

Additionally, the UK government announced today that, in collaboration with the FCA, it wants to regulate the local cryptocurrency market for better consumer protection. As a first step, a public consultation has just been launched and will run until the end of April.

Watch the recent FMLS22 panel on the regulation roundup for 2023.

PSR Launched Review on
Card Companies Fees

Last year, PSR launched a review on the rising card fees charged by two industry leaders,
Visa and Mastercard, which account for 99% of all card payments in the UK.

Total debit
card payments issued in the UK amounted to $861 billion. As the PSR notes, acquirer
fees have increased significantly before Brexit
Brexit

Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis

Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis
Read this Term and fivefold since the UK left
the EU bloc.

“Cards
are the most popular way for consumers to make a payment. To accept card
payments, merchants must pay certain fees which can ultimately impact the cost
we all pay for goods and services,” Natalie Timan, the Head of Strategy at
PSR, said.

As part of
its review, PSR wanted to assess the reason behind such a significant increase
in commissions and fees. The study sought to establish whether this was a sign
of an improper market.