How payments work affects the society we live in; the challenges faced by the vulnerable; how likely we are to fall victim to fraud; and how easily we can manage our money. Payments underpin our economy.
Behind these payments are several important payment systems. We rely on these systems to support markets, facilitate competition and drive innovation. This helps to deliver new products, find new ways to protect people from harm, and deliver services that give people and businesses more choice and control about how to pay and be paid.
We need the technology, the rules governing the use of these systems and the markets they support to all work well. This is where the PSR plays an important role – we are the economic regulator of, and competition authority for, those systems. We protect people and businesses and promote competition and innovation in these systems and the markets that they support.
The PSR is an independent economic regulator led by Managing Director, Chris Hemsley. We are directly accountable to Parliament and funded by the payments industry. We work closely with other regulators involved in this sector, notably the Financial Conduct Authority, the Bank of England and the Competition and Markets Authority.
Operationally we are an independent subsidiary of the Financial Conduct Authority.
Workplace Initiatives
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Program for parents returning to work after Parental Leave? |
No |
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Leadership development programs? |
Yes |
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Mentoring programs? |
Yes |
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Coaching programs? |
Yes |
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Employee-led diversity networks? |
Yes |
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Internal women’s networking groups? |
Yes |
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Open to discussing flexible work arrangements at interview stage? |
Yes |
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No. of weeks paid maternity leave at full salary: |
20 weeks |
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Minimum weeks tenure required to be eligible for paid maternity leave: |
26 weeks |
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No. of weeks paid paternity leave at full salary: |
3 weeks |
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Minimum tenure required to be eligible for paid paternity leave: |
No minimum length of service |
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Gender pay gap reporting information (insert year) (UK): 2020 |
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Average pay gap: |
8.3% |
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Median pay gap: |
12.9% |
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Average bonus gap: |
2.6% |
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Median bonus gap: |
12.5% |
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Signatory of the UK Women in Finance Charter? |
Yes |
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Targets to raise the number of women in leadership? |
Yes |
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Targets to raise the number of BAME individuals in leadership? |
Yes |
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Listed in the Bloomberg Diversity & Inclusion Index? |
No |
Gender diversity across the senior leadership of the PSR is already above 50% and female representation on our executive committee is at 75%. Our target is to maintain a balance of 50% women in the leadership team, with a variance factor of plus or minus 10% and to continue to develop a balanced pipeline of talent through to the end of 2025 and beyond. (This is a broad range as, due to the size of our organisation, just one or two joiners or leavers can have a significant impact on gender balance.)