Setting the UK Payments Strategy – ACT response
The ACT is of the opinion that it is not necessary to move from self-regulation of the payments industry to government regulation, rather, strengthen the current self-regulation structure by ensuring users have a stronger voice.
Our preferred option is (Option 1) enhanced self-regulation which proposes to keep the Payments Council with improvements to enhance the voice of the user. Setting the strategy for future payments networks should take into account the interests of all, including corporates which we represent. Changes to ensure a strong users’ voice include changing the composition of the Payments Council Board and enhancing the role and function of the current user forums.