The consultation - which forms part of a package of measures announced that will increase competition and consumer protection in the banking sector - proposes reforms that will protect those who rely on more traditional payment mechanisms by ensuring that consumer concerns are taken into account. The government’s preferred option is the creation of a new body - the Payments Strategy Board - to monitor and make recommendations to the payments industry. It would be run by a mixture of senior industry and non-industry representatives, including from consumer organisations. This board would ensure that competition concerns and consumer views would be fully considered as part of the decision making process. CIPP comment: The Payments Council caused controversy in 2009 when it announced that cheques would be phased out by 2018. However after consultation and input from over 600 stakeholder groups the decision was reversed. The policy team will be reviewing this consultation and will publish a survey shortly if deemed necessary.
PAYMENTS COUNCIL INTRODUCING TWO NEW PAYMENT SERVICES
22 October 2012
The Payments Council has publishes its response to the consultation on the future regulation and governance of the payments industry.
In August 2012 a consultation was published on the future regulation and governance of the payments industry. The Payments Council has now published a response and included are confirmation of two major projects that they are focused on delivering as early as next year: a new service to make switching current accounts faster, easier and hassle free (being introduced September 2013) a new cutting edge mobile payment service that will enable customers of all banks to make secure account to account payments without needing to know the recipient’s bank account details, only their mobile number. Adrian Kamellard, Payments Council Chief Executive says, “Our response to HMT’s consultation states our support for the Government’s desire for change, but it also makes clear that we haven’t been sitting on our hands waiting. We have been asking consumer and business groups and others what they want and it’s clear that regardless of the outcome of the consultation, change is needed. Since my arrival in November last year my quest has been to improve how we serve the interests of consumers, businesses, the industry, regulators and policy makers. We have already strengthened our Board and our customer forums and I’m confident that we are already set upon a path that will deliver much of what the government is looking for. However, our response makes clear that no matter what model the government opts for as a result of its consultation, we are a body that is fit for the future. We are ready and willing to deliver change quickly and efficiently.
The full response can be viewed by following the link below.
Payments Council Response Setting Strategy for UK Payments
Posting of Workers Enforcement Directive
CIPP Policy News Journal
12/04/2013, Page 346 of 362
Made with FlippingBook - Online magazine maker