Alder will now preside over the merger between the Payment Systems Regulator and Financial Conduct Authority to consolidate the UK’s approach to payment regulation.
Ashley Alder has been named the new Chair of the Payment Systems Regulator (PSR), confirmed by the board on January 21.
Alder has been the Chair of the Financial Conduct Authority since February 2023, and will now lead both regulators as they continue to undergo their transition into a single financial regulator. His predecessor, Aidene Walsh, will step down as Chair and as a non-executive director on January 25.
The FCA’s absorption of the PSR was announced in March 2025 in order to streamline financial and payment regulations as part of the UK government’s Regulatory Action Plan.
“I am pleased to have been appointed Chair of the PSR as it progresses its consolidation with the FCA,” said Alder. “I look forward to working with the PSR Board and the Executive over the coming months.
“I also want to thank the outgoing Chair, Aidene Walsh. She has provided excellent leadership of the PSR Board, superb counsel and guidance across the PSR’s work and made a valuable contribution to the FCA Board as a non-executive member. I wish her all the best in her future endeavours.”
Alder’s whistleblower issue
Alder came under fire in his role at the FCA in August 2024 when he was accused of revealing the identity of a whistleblower, going went against FCA policy.
The whistleblower, a former FCA employee, was dismissed from the regulator for alleged misconduct in 2021. When the whistleblower emailed the FCA seeking unspecific help, the Financial Times reported Alder forwarded their unredacted emails to two internal FCA employees, and a third who was “briefed”.
The FCA’s whistleblowing policy, states: “We will do all we can to keep your identity secret . . . If it is necessary for anyone other than the original recipient of your disclosure to be aware of your identity we will discuss this with you before your identity is disclosed.”
The FCA’s Richard Lloyd launched an internal review and concluded in September 2024 that Alder “reasonably took the view that he was providing information to them of which they were already aware”.
However, Lloyd also found Alder “did not follow” the FCA’s whistleblower policy, he was “satisfied” with the process.
“(Alder’s) aim was simply to ensure that appropriate action was taken in respect of all the matters the complainants were raising, and he is satisfied that the Chair did so in the firm belief that there was no realistic prospect of causing harm to them in any respect.”
Walsh’s tenure
Walsh was named Interim Chair of the PSR in April 2022 following Charles Randall’s departure from the regulator. In 2023, she was made permanent Chair. During her tenure, she implemented a five-year plan to initiate market competition and security for consumers.
Walsh oversaw new rulings around Authorised Push Payment (APP) fraud in October 2024. The new cap of £85,000 on APP fraud claims to be shared 50:50 with the paying and receiving companies was criticised by the industry at first, but ultimately helped total cases fall by 8% year-over-year in H1′ 2025.
She also took action against major players such as Visa and Mastercard in the fiercely contested debate over the two card networks giants’ interchange fees. The PSR has continually called for greater action against Visa and Mastercard over processing fees, proposing remedies in April 2025 which included improved transparency on fees and enhanced financial reporting.
Walsh and the PSR also worked alongside the Competition and Markets Authority (CMA) at the Digital Markets Unit to call on more accountability for Big Tech firms in regards to fraudulent advertising, as well as guiding the PSR in its transition to fall under the remit of the FCA.
“I’m delighted that Ashley has been appointed to chair the PSR Board to provide the necessary and important continuity required as the PSR consolidates into the FCA,” said Walsh.
“I would like to thank David Geale and the PSR leadership team for all their efforts during my tenure and the PSR and FCA Boards for their support. I am proud that my time on the PSR Board has seen significant positive change in payments regulation delivering strong outcomes across the PSR statutory objectives. I know that this will be further enhanced with the transition into the FCA.”
