Managing Director - Payments Systems Regulator

Recruiter
Financial Conduct Authority
Location
London
Salary
Competitive
Posted
16 May 2019
Closes
17 May 2019
Job Type
Contract
Managing Director - Payments Systems Regulator

Location
London

Division
Chairman's Office

The Role

The Managing Director will be responsible for running the Payment Systems Regulator, including setting strategy and priorities. The PSR is the first economic regulator of payment systems anywhere in the world. The role requires the ability to understand all parts of the payment systems industry including the risks, business models and key stakeholders within it, as well as the ability to work closely with divisions across the FCA, the Bank of England and other relevant regulatory bodies.

As a member of the Board of the PSR, reporting directly to its Chair, you will help the Payment Systems Regulator and the FCA use their powers to strengthen competition in financial services and improve outcomes for consumers.

This is a great opportunity to take on a high profile and challenging role that will develop your skills and personal profile.

Immediate priorities for the role include:
  • Driving forward the next cycle of innovation in payments markets
  • Supporting the UK as a world class location for payments FinTech by creating a forward-looking regulatory environment
  • Driving consumer access to inclusive, safe payments systems
  • Pushing forward consultation with the public and industry about the future of the payments market
  • Continuing the development of an internal culture which fosters an empowering, diverse workplace, that is at the forefront of change and innovation.


What does the role involve? What are the key responsibilities?
  • Leading the PSR's senior management team, shaping and influencing regulation and PSR strategy.
  • Representing and promoting the PSR and its objectives to external stakeholders, leading external communications to the media, giving speeches at conferences and building relationships with the trade press.
  • Developing a strategic and holistic view of the issues in the sector and the regulatory approach and actions needed to further the regulator's objectives.
  • Maintaining constructive relationships and dialogue with regulated entities and other stakeholders including potential new entrants.
  • Developing and maintaining a strong network across the sector, to gather and share sector-wide information in support of the ongoing development and delivery of the PSR objectives.
  • Developing and maintaining a constructive and cooperative relationship with the FCA to deliver the PSR's objectives and improving efficiency through the effective use of shared resource.
  • Developing and maintaining a strong regulatory relationship Bank of England, CMA and other regulators.
  • Demonstrate value for money across all activities whilst enhancing the performance of the PSR and ensuring that decisions are focused on payments systems end users.


What will the candidate get from the role?
As MD, you will influence the evolution of payments strategy in a highly dynamic sector of the economy. You'll be leading the first regulator of its kind in the world in the promotion of innovation and competition. With the capacity to drive the PSR's vision forward in both domestic and international arenas.

Skills/Experience Required

Minimum

We're a signatory to the Government's Disability Confident scheme. This means that we guarantee an interview to any disabled candidates entering under the scheme, should they meet the minimum criteria for a role.

  • Significant in-depth knowledge of either the payments industry or economic regulation.
  • Significant leadership experience including influencing at a senior level.
  • Experience of leading significant transformation agendas within an organisation, company or industry, and ability to evidence results.


Essential

  • A growth mindset, with strong leadership skills and a collaborative approach, both internally with the team, across the regulatory community and the payments industry.
  • Excellent relationship management skills with the ability to manage senior level stakeholder relationships up to board level.
  • Proven gravitas and credibility necessary to represent the regulator to key external stakeholders and confidence in delivering external communications.
  • Role modelling positive behaviour by demonstrating corporate responsibility and creating a culture of inclusion and respect.
  • Strong influencing and negotiation skills.
  • Ability to adapt to and drive change in response to changing environments (both internally and externally).


Desirable

  • A comprehensive understanding of and interest in the economic regulatory environment.
  • Broad understanding of the international context in which payment systems schemes and firms operate as well as an understanding of other sectors within the UK financial services industry. Likely to have been gained through working in one or more of: a payment systems scheme, scheme member, regulator or consultancy.
  • Detailed understanding and knowledge of consumer issues; an understanding of the risks posed to consumers and providers within the payment systems sector.
  • A strong understanding of payment systems and a keen interest in the related technology.
  • Knowledge of direct and indirect member firms' business models and commercial pressures.
  • Prior experience in creating a structure/strategic vision for an organisation and/or experience working in a regulatory context is highly desirable.



About the PSR

We all use payment systems every day - to receive our pay, withdraw money, settle bills or manage our savings. We depend on them to make these things happen safely, quickly and cheaply. As an economic regulator - the Payment Systems Regulator's (PSR) job is to make sure these systems enable competition and innovation in a way that benefits us all.

As well as being the first - and only - economic regulator of payment systems anywhere in the world, we're also a concurrent Competition Authority. We're a subsidiary of the FCA but are fully independent, with our own managing director and board. We're funded by the payments industry and are directly accountable to Parliament.

We were created in 2014 because there was a need to change things in the payments industry, to get the benefits of competition and new technology while making sure everybody who depends on payment systems gets a secure, reliable service. This is embodied in our vision, and in the statutory objectives we were given in the Financial Services (Banking Reform) Act 2013 (FSBRA).

Divisional Information

The PSR's vision is to ensure that payment systems are accessible, reliable, secure and value for money. Bringing change to the payments industry, injecting competition and innovation where it is needed most and putting the interests of the people and businesses that use payment systems front and centre.

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;
  • promote effective competition in the markets for payment systems and services - between operators, PSPs and infrastructure providers;
  • 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. Working in close collaboration with the Financial Conduct Authority (FCA), Treasury, the Bank of England and CMA, the PSR leads the way in looking to the future of the payments industry in the interest of the UK economy, and consumers.

Since 2015, huge strides have been made in establishing the structure and impact of the PSR on the payments industry. The PSR is a firmly rooted part of the regulatory infrastructure of the UK and has set international precedent as the first regulator of its kind in the world.

The PSR's values & diversity

In order to represent the people and organisations that we serve, we are committed to building and sustaining a diverse and inclusive workplace. Our commitment includes disability, ethnicity, LGBT and gender identity through to mental health and social mobility issues.

Useful Information

Moloney are managing this role on our behalf.

To apply, please apply with your most recent CV at moloneysearch.com .

For an informal, confidential discussion about the post, please contact Curly Moloney on or .


The close date for this role is 23.55 on Sunday 9th June.

Following shortlist, selection will be via a two-stage interview and a half-day assessment off site at our occupational psychologists, Mercuri Urval.

This role will be based in The International Quarter, Stratford