New Payments Council Chairman appointed
30 Mar 2010
The Payments Council announces today (30th March) that it has appointed Richard North as its new independent Chairman. Mr North, a former Chairman of Woolworths and Britvic and CEO of InterContinental Hotels Group, will take up this part-time role after Easter (6th April). He takes over from Interim Chair, Professor Martin Cave.In keeping with requirements set by the Office of Fair Trading’s Payment Systems Task Force, the Chairman of the Payments Council is an independent, non-industry post. The selection of Mr North was made by four Directors of the Payments Council Board, two of whom are independent Directors. Mr North succeeds Brian Pomeroy who stepped down at the end of October 2009 to take up a non-executive director role on the Board of the Financial Services Authority.
Martin Cave, interim chair of the Payments Council says “I am delighted that Richard has accepted the role as the new Chairman of the Payments Council. His leadership qualities and expertise speak for themselves and his experience of non-banking sectors will be key as he takes the organisation forward.”
Richard North said “I am extremely pleased to be taking on this significant responsibility as the work of the Payments Council moves into a new phase. There is much to be done following the Council’s decision to set a target date for the closure of the cheque clearing. I intend that the Payments Council should provide clear leadership, especially in ensuring that the interests of all types of cheque user are taken into account; and in the short-term, ensuring that we set appropriate criteria for our decision in 2016 whether closure can proceed in 2018."
ENDS
For further information, contact the Payments Council press team on 020 7711 6340 or press@ukpayments.org.uk
Notes to editors
The Payments Council is the organisation that sets strategy for UK payments. It has been established to ensure that UK payment systems and services meet the need of users, payment service providers and the wider economy. More information can be found at www.paymentscouncil.org.uk
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 is a membership organisation funded by its members, with an independent chairman. It was set up in March 2007 and currently has 28 members; on the Board sit 11 banking representatives and four independent Directors as well as the chairman. Those four Directors can collectively exercise a veto over Board decisions. The principal UK payment schemes – Bacs, CHAPS and Cheque & Credit Clearing Companies, LINK Scheme as well as the UK Domestic Cheque Guarantee Card Scheme, the Belfast Bankers' Clearing Company Limited and the Currency Clearings – have entered into a contract with the Payments Council which sets out their respective rights and duties towards each other. Under the contract, schemes are required to report regularly to the Payments Council Board: the Board is able to make decisions that are binding on scheme members in order to implement its strategy. Payments Council also has 11 associate members.
The Chairman, along with the four independent directors of the Payments Council, ensures that the Board reflects different perspectives; a key benefit brought to boards by the inclusion of non-executive directors.
Richard North was formerly a partner at Coopers & Lybrand, before spending 9 years as a FTSE 100 Finance Director, firstly with the Burton Group and then with InterContinental Hotels Group. He then took on the CEO role at IHG, whilst also being Chairman of Britvic Soft Drinks. From 2007-08, Richard was Chairman of Woolworths Group. He also holds a couple of non-Executive Director posts, including one at Save the Children.