PSR appoints Interim Managing Director

The Payment Systems Regulator (PSR) has announced that David Geale has been appointed Interim Managing Director. The interim appointment will be for a period of nine months.

Geale 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.

The news follows the announcement that Chris Hemsley is stepping down as head of the PSR after almost five years. Hemsley has spearheaded plans to force banks to reimburse fraud victims up to £415,000, which has faced backlash from the financial industry. The regulator’s proposal will proceed as planned despite concerns about liabilities and potential fraud. Hemsley has also led initiatives to crack down on Mastercard and Visa over fees charged to British businesses.

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.”