Payment Systems Regulator

Treasury written question – answered on 14th January 2014.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer if he will consider establishing a shadow payment systems regulator during the period before the payment systems regulator becomes fully operational in 2015; and if he will make a statement.

Photo of Sajid Javid Sajid Javid The Financial Secretary to the Treasury

As set out in the Financial Services (Banking Reform) Act 2013, the payment systems regulator will be established as a subsidiary of the Financial Conduct Authority. The Financial Conduct Authority will be responsible for appointing the Chair, Managing Director and other staff for the payment systems regulator. The establishment of the PSR and the appointment of key staff are expected significantly before the payment systems regulator becomes fully operational in 2015.

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