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Evening Standard
Evening Standard
Vicky Shaw

Staff at payments watchdog ‘told on Tuesday that organisation will be abolished’

David Geale FCA PSR The Payment Systems Regulator the Financial Conduct Authority
The Government announced late on Tuesday that the Payment Systems Regulator will be disbanded and merged within the Financial Conduct Authority (Tim Goode/PA) - (PA Archive)

Staff at the UK’s payment systems watchdog were informed that the organisation would be abolished just hours before the decision was made public, MPs have heard.

David Geale, interim managing director at the Payment Systems Regulator (PSR), also said that no staff redundancies were expected as a result of the move.

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