PSR issues public censure on Cheque and Credit Clearing Company Ltd

PSR issues public censure on Cheque and Credit Clearing Company Ltd

10/08/2017

As part of the PSR’s regular compliance monitoring, it became aware that C&CCC had stopped publishing minutes of some of its board meetings held after February 2016.  One of the PSR’s General Directions requires that regulated payment systems operators publish the minutes of board meetings as soon as practicable to ensure their decision making is transparent. 

During the spring and summer 2016, C&CCC failed to publish its board minutes for a number of different meetings within an adequate timescale. These breaches occurred despite the PSR sending repeated reminders to C&CCC of their obligations to publish their board minutes and the importance of compliance with the PSR’s General Directions.

‘Our General Directions set out what we expect from the payment systems industry and we will take action where there have been failures, as in the case of C&CCC.

‘Transparency of decision making processes by the governing bodies of payment systems is essential. With greater transparency, payment service providers and other users of payment systems can have greater certainty about future developments in payment systems and also understand how they might be able to play a part in boosting competition in innovation.  

‘The PSR is committed to ensuring payment systems are accessible, reliable, secure and provide value for money and we will continue to drive forward our programme of work, alongside our regular monitoring of compliance.’