Charles Randell, Chair of the FCA and PSR, said:

"Setting up a new organisation from scratch is always a challenging task and Hannah has led the PSR through those important and formative years with vision, skill and determination. Under her leadership the PSR has established itself and has a track record of real achievement.

"Hannah can look back on what she has achieved at the PSR with pride. But I understand why she feels that now is the right time for her to move on. On behalf of the Board I would like to thank Hannah for all she has done for the PSR and wish her all the best for the next stage of her career."

Hannah Nixon said:

"In the five years since I joined the PSR we have come a long way, launching the world’s first payments regulator and building an organisation which has made a real impact. We’ve opened up the UK’s payment systems to innovation and new entrants. We have improved consumer protection against payment fraud. We’ve changed the conversation on payments, making input more strategic and customer focussed.

"Over recent months I have given it a lot of thought and, having done the job I came here to do, I have decided now is the right moment for me to move on to the next stage of my career. I will always be proud of what the PSR has achieved and wish the Board and the talented staff team all the best for the future."

Pending the appointment of a permanent successor to Hannah, the PSR Board has asked Chris Hemsley, currently Head of Policy, and Louise Buckley, currently Chief Operating Officer, to act as joint interim Managing Directors, reporting to FCA Chief Executive, Andrew Bailey.