Independent Governance Review
In April 2012, the Payments Council published an independent review of its governance arrangements and performance by Professor Martin Cave, an expert in regulation and competition and an independent director of the Payments Council until December 2011. His review, and the Payments Council’s response to it, are available for download from this page.
The review was carried out at the request of the Office of Fair Trading, following their review of the Payments Council in 2009 after its first two years of operation. One of the conclusions of that review was that the Payments Council should conduct a self-assessment after a further two years. In July 2012, HM Treasury launched a separate review of the future regulation and governance of the payments industry, and the Payments Council in particular.
In the Independent Review of Governance and Performance of the Payments Council 2009-11, Professor Cave makes seven specific recommendations, all of which have been agreed by the Payments Council Board. They include:
reviewing as a priority how the Board decides whether an issue is competitive or not, and therefore whether any action should be taken;
reviewing as a priority how the Board decides whether an issue is competitive or not, and therefore whether any action should be taken; and
improving the communication between Board and the Council’s Customer Forums – its stakeholder groups.
Please click on the links below to read Professor Cave’s report and the Payments Council’s response. If you have any questions, or would like to request a paper copy of the review, please email email@example.com.
- First full-year results published for new Current Account Switch Service (15 Oct 2014)
- More banks join Paym (14 Oct 2014)