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Payments Council seeks views on governance and performance

The Payments Council has today (9th November 2011) opened a public consultation on its performance and the way it is run, as part of a comprehensive review led by Payments Council Independent Director, Professor Martin Cave, to be published in the spring.

The Payments Council was set up to ensure that UK payment systems and services meet the needs of payment service providers, users and the wider economy. The review will examine the Payment Council’s overall operation, the way in which it consults, how it engages with different stakeholder groups, the overall level of transparency in its decision making, and the outcomes of its actions.

To ensure payment systems work for everyone, this consultation provides the opportunity for individuals and organisations with an interest in the payments industry to contribute frankly and openly to the review.

Following the first review of the Payments Council by the Office of Fair Trading (OFT) in 2009 after two years of operation, the Council is committed to carrying out an effective review every two years, to assess its performance and governance structure and ensure both are still fit for purpose.

Commenting, Professor Cave said:
“The purpose of the Payments Council is to ensure that the UK’s citizens, businesses and other organisations have access to a broad range of modern and efficient payment methods that meet their needs, and to ensure that they are confident in using them.

“This review is an important mechanism in assessing the performance of the Payments Council, and ensuring there is transparency and accountability in the way the Council makes decisions. I would encourage anybody with an interest in the payments industry to respond to the consultation”.

There are a number of ways that individuals or organisations can contribute to the consultation. The consultation questionnaire is available to download from the Payments Council website and there is also a shorter version available to complete online. As part of the wider governance review, a series of consultative events and meetings will be taking place.

The deadline for responses is 30th November 2011.

ENDS

For further information contact the Payments Council press office on 020 3217 8234/8340/8441/8251 or email press@ukpayments.org.uk

NOTES TO EDITORS

 

Professor Martin Cave
Professor Martin Cave has been an Independent Director of the Payments Council since it was set up in 2007.
Professor Cave  is an economist specialising in competition issues and the regulation of network industries. He was BP Centennial Professor at the London School of Economics in 2010/11 and Professor at Warwick Business School from 2001 to 2010. Prior to that he was Professor of Economics and Vice-Principal at Brunel University. He is now Visiting Professor at Imperial College Business School. He was a member of the Competition Commission from 1966 to 2002, was awarded an OBE for public service in 2009 and has just been appointed as one of the new Deputy Chairmen to the Competition Commission.  He has undertaken several independent reviews for the UK government

Professor Cave will have stepped down from the Payments Council Board when the governance review is published, having reached the end of his term.

About Payments Council
The Payments Council is the body with responsibility for ensuring that payment services work for all those that use them in the UK.  This unique role ensures that we listen to a wide range of stakeholders to drive innovation in payments and implement change so that individuals and businesses have access to payments for their current and future needs.  We are, by nature, a collaborative body so we work with the financial institutions in the payments industry as well as listening to the voices of our external stakeholders. The Payments Council has three core objectives: to have a strategic vision for payments and lead the future development of co-operative payment services in the UK; to ensure payment systems are open, accountable and transparent; and to ensure the operational efficiency, effectiveness and integrity of payment services in the UK. 

The Payments Council was set up in March 2007 and currently there are 31 members; the Board has 11 industry representatives, four independent Directors and an independent Chairman. The principal UK payment schemes – Bacs, CHAPS and Cheque & Credit Clearing Companies, LINK ATM Scheme as well as the Belfast Bankers' Clearing Company Limited – have all entered into a contract with the Payments Council to set out their respective rights and duties. Under the contract, schemes are required to report regularly and the Payments Council Board is able to make decisions that are binding on scheme members in order to implement its strategy.  Payments Council also has 23 associate members.

For more information visit www.paymentscouncil.org.uk

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