Hannah Nixon, a former senior partner at Ofgem, is to join the newly created Payment Systems Regulator (PSR) as Managing Director, it has been announced.
The PSR was created as part of the Banking Reform Act of 2013 to regulate the 7 billion transactions that businesses make with their customers each year. An independent subsidiary of the Financial Conduct Authority (FCA), it will become operational as of 1st April 2015.
Chief Executive of the FCA, Martin Wheatley, said of Nixon’s appointment: “This is an important next step in the creation of this new regulator. Hannah brings with her considerable experience of the regulatory landscape and the banking sector, so I know she will bring a real focus and insight to the challenges that face the industry.”
Nixon, who will begin the role on 14th July 2014, previously led Ofgem’s regulation of gas and electricity networks in Britain, developing and implementing a new regulatory framework. She has also held senior management, regulatory and consulting roles at the Office of Rail Regulation, Cambridge Economic Policy Associates (CEPA) and Deutsche Bank.
“This is a vital sector for the UK economy with businesses and consumers dependent on it. They expect it to work effectively and in their interests,” she said. “There is a lot of work ahead, both to ensure that the regulator is ready to hit the ground running and that it starts to address the big challenges the industry faces around continued transparency and encouraging competition in the market.”
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