According to Financial Secretary to the Treasury, Mark Hoban, the industry has not always responded effectively to the needs of consumers, most notably over plans to abolish cheques, so reform is needed.
The Government’s preferred option is the creation of a new body – the Payments Strategy Board – to monitor and make recommendations to the industry.
The proposed Board would be run by a mixture of senior industry and non-industry representatives, including from consumer organisations.
Commenting on the proposals, Payments Council chief executive, Adrian Kamellard, said: “Whatever the consultation outcome, the Payments Council is already uniquely placed to listen and respond to the needs of customers and businesses who rely on payments in their everyday lives.”
Adding: “Ultimately it’s for customers that we must ensure that innovation is delivered, competition is encouraged, whilst critically the security and integrity of the central UK payments infrastructure is maintained.”
Source:
bankingtimes.co.uk
