The new name setting payments strategy in the UK

The new organisation which will set the strategy for payments in the UK today has announced that its name will be the ‘Payments Council’. The first meeting of the Board of the Payments Council is also brought a step closer by the appointment of four new independent directors. 

The Payments Council will act as the strategic governing body for the UK payments schemes and has been established to ensure that UK payment systems and services meet the needs of users, payment service providers and the wider economy.  

The first meeting of the Board of the Payments Council will be held on Friday 30 March 2007.  The work of the Payments Council will be transparent, with published procedures for consulting with the users of payment systems; and disclosing research and cost benefit analysis for any new proposals.  It will be responsible for delivering innovation, ensuring that payment systems are open and accountable and maintaining the integrity of the payment systems. Whilst payment schemes remain responsible for their own day-to-day management, they are bound by decisions of the Payments Council. 

The Payments Council guarantees a strong voice for consumer organisations and other stakeholders. Most importantly, its Board includes an independent chairman and four independent directors (alongside eleven bank-appointed directors). The independent directors can collectively block a Payments Council decision if, for example, they feel that external stakeholders’ interests are not given sufficient weight. 

The four independent directors announced today are Michael Alexander, Moira Black CBE, Professor Martin Cave and Stephen Locke.

Brian Pomeroy CBE, the independent Chairman of the Payments Council, said: 

“I am delighted to be joined on the Board of the Payments Council by four independent directors who bring such a wealth of talent and expertise.   

“One of the first tasks of the Payments Council will be to manage a full public consultation process, leading to the creation and adoption of a National Payments Plan.  I am particularly looking forward to this challenge and  to the first meeting of the Board when we will be getting straight down to the task of preparing a strategy for this vital part of our national economic infrastructure. ”