Financial Conduct Authority & Payment Systems Regulator

The FCA ensures that financial markets work well for individuals, for businesses and for the economy. The FCA has core objectives to protect consumers, protect and enhance the market integrity of the UK financial system and promote competition. The FCA is currently on an exciting journey driving forward significant organisational, people, process, and technology transformation to become a more forward-thinking, proactive regulator.

The Payment Systems Regulator: The PSR is an independently accountable, economic regulator for UK payment

systems – we are an independent subsidiary of the FCA. Every time anyone uses a cash machine, transfers money, uses contactless, or gets paid, they use a payment system. Payment systems are always evolving and the PSR is here to make sure they work well for everyone.

In a fast-moving environment, we challenge the industry to adapt by supporting innovation and improving competition, so that the UK benefits from world-leading payment systems.

We encourage collaboration to help solve problems and, when we need to, we take difficult decisions and use our powers. We change our approach to get the best outcome for everyone.

The Role

This is a unique opportunity to assist the FCA and PSR in achieving their objectives. We are seeking two Deputy Chairs, each of whom will sit on both the Regulatory Decisions Committee and the Enforcement Decisions Committee. The RDC takes certain decisions on behalf of the of the FCA relating to contested enforcement actions. It is the final stage of decision making for the FCA. Accordingly, the RDC’s decisions are binding, though in certain cases decisions may be referred to the Upper Tribunal. The Enforcement Decisions Committee is a committee of the PSR. The EDC takes decisions on whether to publish details of and impose financial penalties in respect of regulatory ‘compliance failures’. The decisions are binding though may be appealed to the Competition Appeals Tribunal. The majority of the time commitment for this role is likely to be devoted to the RDC, which is approximately one to three days per month; the PSR’s Enforcement function is smaller than the FCA’s. Accordingly, the time committed to the EDC is likely to be significantly less than that committed to the RDC.

The Deputy Chair will:

• Chair RDC and EDC panel meetings as needed.
• Work collaboratively with other committee members, usually in panels of three, to reach high-quality decisions in an efficient manner.
• Ensure cases are dealt with fairly and expeditiously, in accordance with relevant law, policy and guidance.
• Make decisions alone on more straightforward cases.
• Work collaboratively with support staff and relevant FCA stakeholders.
• Be remunerated at an hourly rate of £145 for any work undertaken.

The Individual: The successful candidate is likely to have extensive and relevant legal, judicial or quasi-judicial experience. Candidates will also likely have a background in senior decision making such as:

• Boards
• Committees
• Tribunals, etc

The successful candidate will bring:

Essential Experience:

• A demonstrable ability to assimilate and analyse large amounts of complex and conflicting information;
• Experience of working collaboratively with others to reach objective, evidence-based decisions;
• Sound judgement;
• A desire to positively influence UK financial services or payment systems, to protect consumers and maintain the integrity of financial markets, and to make payment systems work well for users;
• Flexibility to take on work, sometimes at short notice;
• A broad understanding of the range of UK financial services and/or payment systems businesses and their users and consumers and their behaviour and needs.

Desirable Experience:

• Knowledge of the law or decision-making in a statutory context.
• Experience and expertise at the highest level of at least one of the following:
• Payment systems and the markets for services provided by payment systems
• Financial services (including retail financial services)

The deadline for application is 11.59 pm, Sunday 18 December 2022. For further information and/or to apply, please visit www.odgers.com/87593

All applicants are required to demonstrate that they do not have other interests likely to conflict with their FCA and PSR responsibilities. 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.

Please note: all applicants must a complete the DCS questionnaire (available to download on the Odgers Berndtson advert page) and email to FCA_RDC_EDC@odgersberndtson.com