Moving On - WE MUST!

Posted on: 08/01/2013

I am happy to report that I resigned from the Board of the UK Payments Council in December 2012.
My two stints on the Board gave me over three years to evaluate the workings of the Council.
My verdict? The Payments Council can continue as a trade association for the payment industry BUT a new body is required to safeguard the interests of the UK public - you and me - and the UK economy.

I have made my view clear to both the Treasury and Bank of England. I am confident that later this year the decision will be taken to create an appropriate new body: The UK Payments Authority
The UK Payments Authority will need to be controlled by a Board which has a majority of Independent Directors. Those independents will be charged with protecting both the UK public interest and the future of the UK economy.
Let's be very clear. We need strong independent oversight of the entire financial services sector. The UK Payments Authority has an important role to play in this.

With a UK Payments Authority at the helm, we can be confident that the payments sector will move on to provide the services the public and economy require.
The alternative? THERE IS NONE.


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