14 Jul 2016

The Payments Strategy Forum yesterday launched its draft strategy at the Second Payments Community Event held in central London.

The event provided an opportunity for members of the Payments Community to familiarise themselves with the draft strategy ahead of the written consultation that is now open.

The draft strategy is the culmination of nearly 9 months’ work. Over this time the Forum engaged more than 190 individuals in four Working Groups, over 180 people through participation in three sets of roundtables and 500+ members of the Community through its regular website updates and email posts.

During her opening remarks Ruth Evans, Forum Chair, said:

“I am genuinely proud of our achievement. From the start, the Forum agreed a fundamental principle: that the voice of the user was heard by the providers and operators of payment services. I am confident, that we have achieved that.

Today marks the interim point in the process. We have arrived at the point when we need to hear from you, the Payments Community.”

Setting the scene for the day Forum members made remarks on the Forum’s progress to date and its future direction of travel during the opening session of the event.

Faith Reynolds (also member of the FCA Consumer Panel) reflected on the user-centric approach adopted by the Forum from the outset after which Philip McHugh (CEO: Barclaycard) outlined the journey to date and vision of the Forum.

The largest part of the day saw participants break out into group sessions where Forum members and members of Working Groups exchanged views on the key elements of the strategy. Presenters and participants also engaged in two-way conversation in each group.

The programme for the day was concluded by Dan Turnbull, Head of the Competition Unit, Banking and Credit Team at HM Treasury, who delivered the keynote address and Hannah Nixon, Managing Director, Payments Systems Regulator giving some insight into what next once the final strategy has been published towards the end of the year.

Hannah Nixon said:

“I am committed to maintaining all the momentum and good will that we have witnessed so far, and so I have asked colleagues in the PSR to begin considering, together with the Forum, the various options for implementation over the summer.

This will include looking at which elements of the strategy implementation could be led by existing organisations and exploring the need for a multi-stakeholder body like the Forum to work alongside the regulator to link all the different aspects of the implementation work. We will share our thinking on this with you in due course.”

The Forum is consulting on the draft strategy for 9 weeks from 13 July to 14 September 2016.

More information on how to respond, including a list of the consultation questions, may be found on the Forum website.

Further reading: