Forum Chair, Ruth Evans, announced the names of three Members that have been selected to represent the Forum on the Payment Systems Operator (PSO) Delivery Group (DG). The Payment Systems Regulator (PSR) and the Bank of England proposed the establishment of the DG to help develop proposals for the suggested consolidation of the PSOs - Bacs, Faster Payments Scheme Limited and Cheque and Credit Clearing Company Limited, into a single entity.
Faith Reynolds (representing consumers), Becky Clements (representing “small” PSPs) and Russell Saunders (representing “large” PSPs) will join the three existing PSO Chairs that will sit on the DG. The Group will be led by an Independent Chair. Consolidation of the PSOs was proposed in the Forum’s Draft Strategy released earlier.
The announcement follows the Forum Chair’s call for expressions of interest at the most recent Forum Meeting held on Wednesday, 21 September 2016. The purpose of the meeting was to progress the Forum’s work ahead of the release of the Final Strategy on 29 November 2016.
At the meeting Ernst and Young (EY) who is supporting the work of the Forum and the Payment Systems Regulator (PSR) made presentations.
EY presented an initial analysis of responses received during the consultation on the Draft Strategy. In total, 68 submissions were put forward. An initial assessment of responses indicates broad support for the solutions proposed in July.
Over the second part of the meeting the PSR set out its preliminary view on governance of the Strategy implementation. The presentation focused on the role of the Forum from December 2016 to December 2017 and a high-level view of what happens after that date.
The PSR noted that it believes that the Forum has developed strong ideas that have the potential to make a real difference in the payments industry. So the Regulator will continue to support the work of the Forum as it is important that momentum is maintained as the Strategy progresses.
The Forum’s Final Strategy will be released at a breakfast event in Canary Wharf on Tuesday, 29 November 2016. More information on the event and how to register will be made available on the Forum website shortly.