Economic Secretary to the Treasury, Ed Balls on Tuesday gave the Government’s backing to a new and improved deal for banking customers, and announced the creation of a new Payments Industry Association, which will be chaired independently and will implement the improved payment systems regime.
The package announced yesterday means that consumers and businesses paying in cheques will benefit from increased certainty and transparency, with new time limits for receiving interest and withdrawing money.
From 2007, the millions who make payments everyday by internet, standing order, cheque, or over the phone will benefit from one of the fastest and most reliable payment systems in the world.
The Payments Industry Association will have a strict body of rules, publish minutes of meetings and, in addition to the independent chairman, will include four independent directors to ensure maximum transparency and accountability. The Payments Industry Association will come into being early in 2007 and will be reviewed by the OFT after two years.
Speaking at a breakfast meeting with the banking sector, consumer groups and members of the Payments Task Force who have agreed the plan, Ed Balls explained that:
“Today’s announcements are good news for consumers and small businesses who will benefit from faster electronic payments, and more certainty and greater transparency when making cheque payments and good news for the payment systems industry which has worked hard to develop an innovative model of self-governance in line with the Government’s better regulation agenda.”
The chair of the new association Brian Pomeroy added that:
"This new body will manage and deliver a national strategy for payments in the UK and I look forward to this new challenge. Before the formal launch, I will be ensuring that the Board has top quality banking and independent representatives in place to ensure that its work is taken forward effectively.”
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