charities, clubs and small businesses). Following pressure from the Treasury Select Committee (TSC) and the government, the Payments Council reversed its decision and the banks undertook to provide cheque services for as long as customers needed them. The government is now taking a further step to support ongoing innovation in UK payments and secure the future of cheques. The government is setting out proposed legislation which will allow for the introduction of ‘cheque imaging’, an innovation that speeds up cheque clearing times by sending a digital image of the cheque for clearing, rather than the piece of paper itself. Cheque imaging will provide greater opportunities for banks and building societies to innovate and provide new services. For example, customers may be able to take a photograph of their cheque on their smartphone and pay it in electronically via their bank’s mobile banking app. Customers without smartphones will be able to deposit their cheques as usual at bank branches or cash machines, where a cheque can be scanned and the image transmitted electronically.
The CIPP policy team have created a short survey to understand if you still use cheques, in what circumstances, and whether these proposals would be of benefit to you in the future.
We would be very grateful if you could complete this survey which should take no more than 10 minutes. The survey closes on 4 April 2014.
CIPP response to HM Treasury’s consultation on cheque imaging
8 April 2014
The CIPP policy team has submitted a formal response to HM Treasury’s consultation on cheque imaging.
The policy team would like to thank everyone who responded, including members of the AAT.
Those who responded warmly welcomed the proposal to legislate to protect the right of customers to continue presenting paper cheques at bank branches, however the proposals to introduce cheque imaging through smartphone technology were more muted. This is likely to be because information is very vague, meaning members were unsure whether there will be any benefits or additional costs brought about by the new technology.
Our consultation response is available to download through the link below.
CIPP response to HM Treasury's consultation on cheque imaging
Mortgage lending rules changes
3 April 2014
Lenders will need to confirm an individual's earnings, however the payslip will continue to be sufficient evidence.
As you may be aware the way in which mortgages will be offered and approved is changing. One of the criteria was that of lenders needing to confirm an individual’s earnings. We offer our thanks to the Council of Mortgage Lenders, who have confirmed to the CIPP that the current “normal” procedure of requesting payslips and or P60s etc. will not change. Whilst as now we receive some formal requests for confirmation of earnings, this is not expected to increase due to the changes, but instead individuals will be asked to supply formal evidence i.e. payslips.
CIPP Policy News Journal
08/04/2015, Page 261 of 521
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