UK’s Payment Systems Regulator Adds Paul Smith as its Head of Policy
- Mr. Smith will be responsible for spearheading the development of regulatory policy, while working in tandem with industry officials
The Payment Systems Regulator (PSR), an economic regulatory authority for UK payment systems, has appointed Paul Smith as its Head of Policy in an effort to help shore up UK Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, according to a PSR statement.
In his new role as the Head of Policy at the PSR, Mr. Smith will be responsible for spearheading the development of regulatory policy, while working in tandem with industry officials to help deliver the statutory objectives on behalf of the organization. More specifically, this includes the facilitation of payments systems as well as the promotion of competition within the industry and supporting innovation in payments systems.
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He joins the PSR after accruing a wealth of experience working for several leading UK regulators, including senior roles at Postcomm and Ofgem. His most recent position was the PSR from the Australian Energy Market Commission (AEMC), having served as its chief executive. He will begin his new role on February 1, 2016.
According to Mr. Smith in a recent statement on the appointment: "The PSR has, in a very short time, established itself as an important and influential regulator that plays a vital role in the payments industry and across the wider financial sector. The challenges that the industry will encounter over the coming years will need a regulator that has a steady hand on the tiller and I relish the opportunity to join such an important organization at such an interesting time.”
"As our organization continues to grow, so will the importance of having a strong team that can work with the industry to make sure payment systems work as well as they can. Paul brings with him a wealth of experience that will help to strengthen our senior leadership team and allow us to achieve these goals,” added Hannah Nixon, Managing Director of the PSR, in an accompanying statement.
The Payment Systems Regulator (PSR), an economic regulatory authority for UK payment systems, has appointed Paul Smith as its Head of Policy in an effort to help shore up UK Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, according to a PSR statement.
In his new role as the Head of Policy at the PSR, Mr. Smith will be responsible for spearheading the development of regulatory policy, while working in tandem with industry officials to help deliver the statutory objectives on behalf of the organization. More specifically, this includes the facilitation of payments systems as well as the promotion of competition within the industry and supporting innovation in payments systems.
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He joins the PSR after accruing a wealth of experience working for several leading UK regulators, including senior roles at Postcomm and Ofgem. His most recent position was the PSR from the Australian Energy Market Commission (AEMC), having served as its chief executive. He will begin his new role on February 1, 2016.
According to Mr. Smith in a recent statement on the appointment: "The PSR has, in a very short time, established itself as an important and influential regulator that plays a vital role in the payments industry and across the wider financial sector. The challenges that the industry will encounter over the coming years will need a regulator that has a steady hand on the tiller and I relish the opportunity to join such an important organization at such an interesting time.”
"As our organization continues to grow, so will the importance of having a strong team that can work with the industry to make sure payment systems work as well as they can. Paul brings with him a wealth of experience that will help to strengthen our senior leadership team and allow us to achieve these goals,” added Hannah Nixon, Managing Director of the PSR, in an accompanying statement.