The OFT's review of the Payments Council

The OFT published its Review of the Operations of the Payments Council on 25th March 2009.

The OFT's Report was largely positive, concluding that a further full-scale review of the Payments Council is not necessary and praising the Payments Council’s National Payments Plan for delivering positive change, particularly with regard to improved openness and transparency.  The OFT found that there is much more effective strategic direction of the industry" since the Payments Council was set up and that the Council is "a real improvement over previous governance arrangements".  

The Payments Council responded to the OFT's report and committed to undertaking some of the recommendations outlined in the report.

The Payments Council's full response to the OFT can be found on the Payments Council's website.