About the PSR
The PSR is the economic regulator of, and competition authority for, the payment systems that underpin our economy.
Our role is to hold the sector to account to protect people and businesses and promote competition and innovation in these systems and the markets that they support. We regulate an industry where billions of pounds of transactions are occurring every year.
Think about the last time you made or received a payment.
Did you pay by cash (and if so, think about how you got that cash)? Did you use a digital wallet, such as ApplePay or PayPal? Did you use a debit or credit card? Or was it when you received your salary payment in your bank account? All these different payments rely on systems regulated by the PSR, including LINK, Mastercard, Visa Europe, Faster Payments Scheme and Bacs.
Our work aims to ensure payment systems work well, so that the payments they support also work well in society.
We currently have a varied work programme which includes:
Investigating card scheme fees and cross-border interchange fees to understand whether any harms might results from recent rises in these fees
Examining the opportunities and risks for account-to-account payments for retail transactions, as an alternative to cards, including identifying barriers to the success of account-to-account retail payments and exploring how these can be overcome
Monitoring and analysing the markets we oversee to gather intelligence, provide analytical thinking, develop how we use data, and develop the PSR’s strategy
More information on each of these projects, and our other work, can be found in our
annual plan
.
Why the PSR?
Our work is high-profile and fast-moving, within a dynamic environment.
We are ambitious about the future.
The work that you’ll be involved in every day will help us to deliver outcomes that benefit people and businesses.
The work we do has a real impact on everyday lives and brings meaning to our work here.
Our people are motivated to make differences that matter to people and businesses that are making and receiving payments.
We are a small regulator with a big impact. Our size offers opportunities to be involved in executive-level discussions from early on in your time at the PSR and to influence the decisions we make.
There is a huge amount of variety to the work we do, allowing you to develop skills in the areas that interest you including policy decisions, economic regulation, competition assessments, analysing data or informing the strategy of the PSR.
Our size also means we have a friendly and personal ethos, which allows you to develop in your role and build on your strengths.
We have a collaborative culture that draws on all our different skills and experiences.
The economists at the PSR come from many different backgrounds, including other economic regulators, government departments, consultancies and competition agencies. We apply our collective experience from rail, water, energy, transport, telecoms, financial services and a variety of competition cases to the myriad of issues that arise in payment systems.
What does this role involve?
We are recruiting a Senior Associate Economist to help deliver our work on account-to-account retail payments.
This is a key part of our strategy and one of the most complex and high-profile projects within the PSR's work programme.
The work on this project has the potential to change the way we all pay for goods and services in the future. It touches on a number of different and complex economic issues.
Our work on account-to-account retail payments aims to introduce more competition and innovation into payment systems using Open Banking functionality.
The project was set up in response to growing concerns about the fees paid by merchants to Visa and Mastercard for the services they provide.
Our work will help ensure more cost-reflective fees for payment services and that these payment services better meet the needs of merchants and consumers.
We issued a
paper
in December 2023 that set out our initial proposals for variable recurring payments (VRP), a sub-set of account-to-account retail payments.
We proposed several significant regulatory interventions to address some of the economic barriers we identified to the success of VRP.
This included intervening on the fee that banks can charge for access to their customers’ account data and to initiate payments, and a proposal to mandate that certain banks must sign up to rules that will enable VRP.
We continue to develop our policy for VRP and are also considering our policy options for wider account-to-account retail payments.
Your role will be to help support this policy development, including issues related to prices, adoption, barriers to entry, incentives and cost-benefit analysis.
Key accountabilities
As a Senior Associate Economist, examples of the work you will do are:
Carry out robust economic analysis, providing evidence to support relevant elements of policy development
Draft briefings and analytical sections of papers, often within tight timeframes, communicating complex economic concepts clearly to both economists and non-economist
Support colleagues by providing quality assurance support and challenge to peers' analysis, proactively provide input and suggest workstreams and/or analytical approaches
Lead engagement with a wide variety of stakeholders to gather evidence, test policy options and explain our approach. This may include drafting questions and data requests to relevant parties
Contribute to the development of the PSR’s economics profession, through knowledge sharing across the PSR and providing peer review of others’ work
About you
We’re a signatory to the Government’s Disability Confident scheme. This means that we will offer an interview to disabled candidates entering under the scheme, should they meet the minimum criteria for a role.
Minimum criteria
Proven experience in economic analysis in at least one of economic regulation; competition policy; economic appraisal of policies; payment services or other regulated industries
An undergraduate or postgraduate qualification in economics or a related discipline with a focus on microeconomics, or equivalent experience
Essential criteria
Pragmatic understanding of both relevant microeconomic economic theory and how it is applied in relation to regulatory work
Experience of economic analysis in the context of regulatory projects such as price controls, regulatory reviews, market studies, investigations, actions and appeals or similar
Comfortable collecting and using different forms of evidence to support economic analysis, with good data handling skills
Excellent written and oral communication skills, including experience of explaining technical economics to both other specialist economists and non economists in succinct messages, and the ability to present confidently to a variety of internal and external stakeholders
Strong relationship and influencing skills and an ability to work collaboratively at senior levels internally and externally
Excellent prioritisation skills with the ability to define priorities and provide a quality contribution where it is most needed
An understanding of the wider impact of regulation on consumers and businesses, and the ability to look at issues from the perspective of the consumer
An ability to identify and exercise judgement in collaboration with a multi-disciplinary team, including economists, lawyers, payment specialists as well as policy advisors
Desirable criteria
Experience of other sectors subject to economic regulation and the economic analysis involved
Experience of financial services or the payments sector
Experience of quantitative analysis such as detailed cost modelling or econometric analysis, potentially including experience in using statistical software packages
An up-to-date understanding of the regulatory developments in the UK payments landscape and knowledge of the Payment Systems Regulator
Familiarity with the key stakeholders in the UK payments landscape
All members of PSR are expected to demonstrate the PSR Values of Integrity, Unity, Engagement, Knowledge & Purpose.
In order to represent the people and organisations that we serve, we are committed to building and sustaining a diverse and inclusive workplace. Our commitment includes disability, ethnicity, LGBTQ+ and gender identity, mental health, and social mobility issues.
We are proud signatories of the
Women in Finance Charter
, we hold the
Level 2 Carer Confident
accreditation from Carers UK and we signed the
Social Mobility Pledge
in June 2020.
As an inclusive employer, we are open to considering flexible working arrangements. Please contact our recruiter if you wish to apply for this role on a flexible basis.
This role is graded as Senior Associate – Regulatory
This role is based in London
The role offers a competitive salary plus a comprehensive benefits package and non-contributory pension
Applications for this role close on 14th April 2024 with interviews being conducted week commencing 22nd April 2024
Want to know what it is like to work at the PSR? Check out this short video
PSR recruitment video 2022 - YouTube
If you are interested learning more about the role, please contact Katie Ayling on
katie.ayling@fca.org.uk
Please note – Applications must be submitted through our online portal. Applications sent via email will not be accepted.
All applicants to the PSR are required to demonstrate that they do not have other interests likely to conflict with their responsibilities as an employee of the PSR.
You should declare any potential conflict of interest as early as possible in the selection process (via the named recruitment contact), 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.
For more information on conflicts please visit:
https://www.fca.org.uk/publication/corporate/conflict-of-interests.pdf