Director - Payment Systems in London

The Director of Payment Systems is a senior leadership role initially standing as Deputy Managing Director of the Payment Systems Regulator as it consolidates into the Financial Conduct Authority. Leading a directorate of c.60 to 100 people, comprising several departments and some cross‐organisational matrix management, the role holder will have a significant influence on the future of payments and financial services within the UK. The successful candidate will report directly to the Managing Director of the PSR and will work alongside the PSR Board and the leadership teams in both the FCA and PSR.

As the PSR's responsibilities are formally taken on by the FCA, this role will transition to be Director Payment Systems at the FCA. Payments is a key area of focus for the FCA/PSR. The Payment Systems Regulator (PSR) has three core statutory objectives: promoting competition in payment markets, fostering innovation, and ensuring payment systems operate in the best interests of users (consumers & businesses) by being accessible, reliable, secure, and value‐for‐money. The PSR aims to make payment systems work well for everyone.

The scope of the role initially includes responsibility for policy and supervision relating to payment systems and other emerging business models across the financial services industry, ensuring the PSR meets its objectives. The Director will be responsible for ensuring there are appropriate policy standards for the market, for the supervisory oversight of activities and for regulatory interventions to prevent harm. The Director will also play a key role in shaping and delivering the organisation's transformation into a forward looking and proactive regulator that is innovative, adaptive and assertive, working closely with the Director of Payments & Digital Assets on a holistic approach.

The successful candidate will support the ED/MD in leading the PSR until it is fully consolidated into the FCA. This will include acting as deputy Chair for the PSR ExCo, attending the PSR Board, taking accountability for the public‐facing work of the PSR, its operational focus, driving standards and performance, leading key external meetings, regular speaking engagements and leading some remaining transition activities.

What does this job involve?

• Ensuring the PSR meets its objectives and commitments.
• Shaping and influencing the medium to long term strategy for the PSR/Payment Systems Directorate working alongside colleagues in the Payments and Digital Assets Directorate and the FCA/PSR as a whole to ensure a holistic and coordinated approach to Payment's regulation.
• Playing a pivotal role in ensuring that the PSR and FCA, through appropriate cross‐organisation programme management help drive the National Payments Vision working closely with the Bank of England (BoE) and the Treasury.
• Leading on specific pieces of PSR work including, but not limited to, market studies and interventions, supervision of Payment Systems Operators and firms more broadly and reforming our Supervisory model.
• Building a strong, diverse and inclusive directorate through attracting talent and developing existing colleagues.
• Maintaining an awareness of emerging business models and, where relevant, the underlying technology, and assessing the likely impact upon consumers and markets.
• Leading and executing a data‐led strategy to systematically assess firms and implement appropriate tools in the delivery of agreed outcomes.
• Working closely with internal, external and international partners ensuring appropriate policy standards are in place and effective.
• Promoting and representing the FCA/PSR perspective both internally and externally.
• Ensuring an operating model that delivers the desired market outcomes in the sector to an agreed budget and within deadlines, with a focus on continuous improvement and delivering at pace.
• Maintaining constructive and effective relationships with firms, trade and consumer and payment user bodies.

What will the candidate get from the role?

• Joining the Senior Leadership Team at the FCA/PSR during an exciting and challenging time of great change in financial services and its regulation.
• Leading a directorate of talented and committed people through significant projects and programmes whilst also delivering on business‐as‐usual objectives.
• Establishing and growing a new Directorate focused on new, emerging and existing business models, many of which have the potential to positively disrupt the UK financial services industry for years to come.
• Exposure to strategic issues and key players in the world of finance, both nationally and internationally.

Skills/Experience Required

• Exceptional leadership and people management skills, demonstrating commitment to diversity and inclusion and empowering leadership.
• Demonstrable operational delivery skills, with the ability to raise standards and drive effective operational and business performance across diverse teams.
• Role model for strong leadership behaviours in line with the FCA/PSR values and capabilities.
• Strong strategic thinking and problem‐solving ability.
• Aptitude for and experience of using data strategically to systematically assess market and/or firm outcomes.
• Ability to drive change and process efficiency/improvements, delivering value for money and innovation.
• Strong stakeholder management and communication capabilities.

Essential

• Experienced leader with outstanding track record of managing intellectually demanding teams through effective delegated authority.
• Proven capability to lead change, drive effective operational delivery. Experience/knowledge of the regulatory environment and regulatory issues associated with payments systems.
• Ability to weigh up risks and then take a justifiable decision which demonstrates transparent decision‐making.
• Ability to develop strong understanding across the broad range of the FCA/PSR's activities and supervision responsibilities.
• Ability to work effectively with senior stakeholders and deliver public accountability.
• Able to lead strategic planning of resources, budgets and capability strategies to deliver an effective value for money operation aligned to strategic market outcomes.
• Understanding of new or technology‐led business models within payment services, particularly those heavily reliant on new or emerging technologies, or a proven track record of being able to get up to speed with associated risks.
• Ability to influence and work effectively and collaboratively with peers.
• Ability to learn quickly about relevant regulatory issues.

Desirable

• Broad understanding of the international context in which payment systems, schemes and firms operate.
• Appreciation of direct and indirect member firms' business models and commercial pressures.
• An understanding of the role and practice of regulation.

About The FCA/PSR

The PSR is an independent economic regulator led by Managing Director, David Geale – who is also Financial Conduct Authority (FCA) Executive Director, Payments and Digital Finance. The PSR is a subsidiary of the FCA.

In March 2025 the Prime Minister announced that the PSR would be consolidated into the FCA, simplifying regulation of payments. The Government has been clear that payment systems must continue to be effectively regulated, and so the PSR is continuing to focus on delivering its important and impactful programme of work, collaborating closely with the FCA. The transition is taking place in phases, with some teams already moving to the FCA where they continue to support PSR activity. The PSR will continue to operate as an independent subsidiary with its own Board until new legislation comes into effect.

The role/directorate you are applying to join will move into the FCA. Candidates should be aware, therefore, that there may be changes to their responsibilities as consolidation into the FCA progresses. All members of PSR staff are FCA employees.

At the FCA/PSR, we're creating a fair and more resilient financial system. We're establishing more transparent relationships between financial services and their customers, building trust in financial markets and protecting vulnerable consumers.

The work of the PSR/Payment Systems Directorate has a significant impact on millions of consumers and businesses as well as UK and international markets. We use a range of regulatory tools to ensure firms have the interests of their clients and the integrity of the market at the heart of how they run their business. This includes setting the standards we expect firms to meet, exploring and analysing identified risks within firms in our sectors through firm specific and cross‐firm work; ensuring firms behave appropriately when detriment arises. We also work closely with trade bodies and other third parties to help determine and communicate trends, forward views and gauge the horizon of risks in the market.

The FCA/PSR's Values & Diversity

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'.

All FCA/PSR colleagues are expected to demonstrate behaviours in line with our five values – Deliver in the public interest, Act with integrity, Be ambitious, Work inclusively and Connect and deliver. These are embedded in all roles, and through the selection process we check for alignment to our values.

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

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 your 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 use 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 24th February 2026. Selection will be via a two‐stage interview and psychometric assessment. This role can be London, Edinburgh or Leeds based. The salary range for the role for London is £200,000 to £260,000, and National £180,000 to £234,000. If successful, you will be required to obtain and retain SC Clearance. We currently operate a hybrid working model, working a minimum of 40% in the office each month (50% for senior leaders). This way of working applies in our Stratford, Leeds and Edinburgh offices. From September 2026, FCA employees will be required to spend a minimum of 50% of their working time in the office. Our Executive Director and Directors will be expected to be in a minimum of 60% per month.

How To Apply

This recruitment process is being led by our search partners at Odgers. Please submit your CV and cover letter via: www.odgers.com/95400. For a Conversation In Confidence, Please Contact Anne Murphy – Anne.murphy@odgers.com or Hannah Wade – Hannah.wade@odgers.com.