Payments Council responds to the Report of the Parliamentary Commission on Banking Standards

Adrian Kamellard, Chief Executive of the Payments Council said:
September 9, 2013: “We welcome the publication of today’s report by the PCBS – ‘Changing Banking for good’. It is a very comprehensive report and we need to now examine it in depth to assess the implications for the payments industry.
One of PCBS’ clear recommendations is the creation of an independent panel to consult and report on the technical feasibility as well as the costs and benefits of reforms to enable customer choice: looking at issues such as current account portability and the creation of a common utility platform. Earlier this week we published our Payments Roadmap – Initial Report which delivers exactly what has been asked for by the Commission. It sets out a ground breaking framework for delivering competition and innovation over the next two, five and 10 years, identifying a number of options for transforming or evolving the payments infrastructure to deliver customers with real benefits. The Roadmap’s consultative process, which will involve consumer, business, voluntary sector and government representatives, will ensure that decisions about the nation’s payments infrastructure are made in the interests of all those who make and receive payments, as well as supporting new entrants in the banking sector. We intend to publish the first full version of the Roadmap in Q1 next year.
The Payments Council is uniquely positioned to listen and respond to the changing needs of the millions of customers and businesses who rely on the security and integrity of the UK payments system. Our new Current Account Switch Service, being launched this September is designed to boost competition and make it easier for customers to vote with their feet, and next spring we will be launching a new way to make account-to-account payments securely using only a mobile phone number rather than sharing account numbers or sort codes.
We will continue to work with HM Treasury, government, consumers, businesses and charities as well as all our other stakeholders, to ensure that the proposed changes outlined by the PCBS continue to be underpinned by a world class payments infrastructure.”
Source : Payment Council