David Geale has been permanently appointed as the head manager of the Payment Systems Regulator (PSR).
The Financial Conduct Authority (FCA) has appointed David Geale as the permanent managing director of the Payment Systems Regulator (PSR), marking a significant step towards the consolidation of the two entities. Geale has a long history of working at the FCA and its predecessor, the Financial Services Authority (FSA), for over 20 years, in policy and supervision roles.
This appointment comes after Geale acted as the interim managing director of the PSR since June 2024. His role will be instrumental in unlocking the potential of Open Finance and Open Banking, as well as progressing the FCA's work on digital finance.
The consolidation of the PSR into the FCA was initially announced by the government in March 2025. This move is part of wider efforts to streamline UK financial regulation and payments system oversight. The consolidation process is set to begin officially with a consultation scheduled for September 2025.
Nikhil Rathi, the chief executive of the FCA, expressed his support for Geale's new role, stating that he is pleased to have him on board during an important and exciting time for both organizations and the payments sector.
Geale will also be responsible for delivering the National Payments Vision and supervising payments and crypto asset firms under the recently-announced regime. Aidene Walsh, the chair of the PSR, stated that Geale has played a key role in fostering greater alignment and strengthening the relationship between the FCA and the PSR.
The consolidation of the PSR into the FCA is a key step towards the formal consolidation process. The consultation in September 2025 marks the beginning of this process, with further steps towards implementation to follow thereafter. This timeline aligns with broader payments system reforms and infrastructure upgrades underway in the UK.
[1] HM Treasury. (2025). Consultation on consolidating the Payment Systems Regulator into the Financial Conduct Authority. [online] Available at: https://www.gov.uk/government/consultations/consolidating-the-payment-systems-regulator-into-the-financial-conduct-authority [2] HM Treasury. (2025). Consolidating the Payment Systems Regulator into the Financial Conduct Authority: Government response to the consultation. [online] Available at: https://www.gov.uk/government/publications/consolidating-the-payment-systems-regulator-into-the-financial-conduct-authority-government-response-to-the-consultation [3] Financial Conduct Authority. (2025). Consolidating the Payment Systems Regulator into the Financial Conduct Authority. [online] Available at: https://www.fca.org.uk/news/press-releases/consolidating-the-payment-systems-regulator-into-the-financial-conduct-authority [4] Financial Conduct Authority. (2025). David Geale appointed permanent managing director of the Payment Systems Regulator. [online] Available at: https://www.fca.org.uk/news/press-releases/david-geale-appointed-permanent-managing-director-of-the-payment-systems-regulator [5] HM Treasury. (2025). Delivering the National Payments Strategy: A modern, more competitive, and resilient payments system. [online] Available at: https://www.gov.uk/government/publications/delivering-the-national-payments-strategy-a-modern-more-competitive-and-resilient-payments-system
- The consolidation of the Payment Systems Regulator (PSR) into the Financial Conduct Authority (FCA) will facilitate the exploration of Open Banking and Open Finance, enabling businesses to innovate in the realm of digital finance.
- Geale's appointment as the permanent managing director of the PSR is a critical step towards the implementation of the National Payments Vision, which aims to foster a modern, competitive, and resilient UK payments system.
- The consolidation of the PSR into the FCA will also involve Geale's supervision of payments and crypto asset firms, aligning with the broader regulatory reforms and infrastructure developments in the UK's finance sector.
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