In our consultation on regulatory framework for payment systems in the UK we proposed creating a Payments Strategy Forum where industry and service-users could discuss and agree strategic priorities for the future of the payments industry.
As with all the proposals in our Consultation Paper, we await stakeholders’ comments and their responses to our questions and will take these fully into account. However, given that establishing a Forum is our preferred option, we have started planning around the launch of a Forum soon after our full operational launch in April 2015.
As part of this work, we plan to convene a Working Group, with representatives from the payments industry and service-users. Their work will complement the feedback we get from the Consultation Paper. The constitution of the Working Group will not determine that of the resulting Forum.
If you would like to participate in this Working Group, please contact us by 12 January by emailing:
You should include a description of your experience and expertise in this area, and describe the contribution you believe you could make to the development and design of the Forum. You should be available to attend approximately three Working Group meetings taking place between February and April.
Draft terms of reference for the working group to develop the Payments Strategy Forum
The objectives of the Working Group are:
To develop Terms of Reference for the Forum
To identify possible selection processes for an independent chair for the Forum
It will also assist the PSR in designing the Forum. This will include discussion on
the following topics:
How to enable the broadest range of stakeholders representation while remaining effective
Identifying mechanisms to share information in and out of the Forum
The frequency and style of Forum meetings
How to establish and manage working groups to progress detailed work under the Forum
The role of the chair and secretariat
What the Forum outputs should be, e.g. meeting minutes, a strategic plan, progress reports
How industry is held to account for progress on strategic priorities agreed by the Forum
The Working Group will be made up of representatives from the payments industry and service-users. Individuals will be selected based on the specific skills they can contribute to the development and design of the Forum, not as representatives of specific stakeholder groups.
The Working Group will be chaired by Hannah Nixon, Managing Director, PSR.
Decision making and recording of meetings
The Working Group will operate by consensus but any dissenting opinions will be mentioned in the minutes.
Frequency of meetings
The Working Group will be expected to meet monthly prior to the launch of the Forum. There will be at least three meetings, but the exact number of meetings will depend on progress made by the Forum and the agreed launch date of the Forum.
The PSR will provide secretariat support to the Working Group. The PSR will provide relevant information and analysis to support the Working Group’s discussions.