On 10 July 2014, the Financial Conduct Authority (FCA) published details of the corporate governance structure within the Payment Systems Regulator (PSR). The report encapsulates how the PSR is constituted, directed and controlled by the Board and details how the Board’s rights and responsibilities are distributed to various committees such as the risk committee and remuneration committee, as well as to the executive. It also highlights those decisions which are to be the sole reserve of the Board as well as including the PSR Articles of Association.
What this means for you
Those regulated by the PSR may find the report to be a useful read to see who has responsibility for particular aspects within the payment systems industry and in turn to understand the role of the PSR and the way in which it operates in more detail.