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PSR names David Geale as new interim managing director after Chris Hemsley steps down

PSR Leadership Transition:

  • Outgoing Managing Director:
    • Chris Hemsley to step down on 7 June after five years as managing director.
    • Hemsley will join Fingleton, a London-based strategic regulatory advisory firm, as a director later this year.
  • Interim Managing Director:
    • David Geale, former director of retail banking at the FCA, appointed as interim managing director.
    • Geale has served as a non-executive director on the PSR board since February 2020.
  • Recruitment for Permanent MD:
    • The PSR will start the recruitment process for a permanent managing director after the UK general election on 4 July 2024.
    • Geale’s interim role is expected to last nine months.
  • Experience and Background:
    • Geale brings 11 years of experience from the FCA.
    • His familiarity with the PSR and experience in payments and retail banking make him well-suited for the interim role.
  • Strategic Focus:
    • The PSR aims to continue delivering key outcomes outlined in its annual plan and mid-year strategy review.
    • Emphasis on horizon scanning during a period of significant change in domestic and international payments.
  • Comments from PSR Chair:
    • Aidene Walsh, chair of the PSR, expresses confidence in Geale’s leadership and experience to guide the regulator effectively during the transition period.

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