The PSR and the Bank of England (the Bank) announced the closure of the Payment System Operator Delivery Group (PSODG) on 13 September 2017.
The PSODG was an independently chaired body established by the Payment Systems Regulator (PSR) and the Bank in October 2016.
It was set up to consider key issues relating to the potential consolidation of the governance of three payment system operators (PSOs): Bacs Payment Schemes Ltd (BPSL), Cheque and Credit Clearing Company Limited (C&CCCL) and the Faster Payments Scheme Ltd (FPSL). The proposed consolidation is one of the key elements put forward in the Strategy developed by the Payments Strategy Forum.
The PSODG and its membership included senior personnel from the respective payment system operators and the Forum. Its objective was to develop a report setting out its recommendations on key characteristics of the proposed ‘New Payment System Operator' (NPSO), and an implementation plan to allow for consolidation to be substantially completed by the end of 2017.
On 12 July 2017 The Competition and Markets Authority approved the consolidation of the operators of Bacs, the Cheque and Credit Clearing Company and Faster Payments Scheme. You can read our response to this announcement on our website.
With the creation of the NPSO and its newly appointed chair Melanie Johnson set to be on track, the PSODG is being disbanded.
The scope and role of the PSODG was set out in its original Terms of Reference.
On the 4th May 2017, the PSODG published its report ‘New Payment System Operator.' The recommendations set out in the report were reviewed by the PSR and the Bank and a joint letter setting out their expectations regarding the next steps for the proposed consolidation has also been issued. This letter sets out an extension of the PSODG’s remit to coordinate the work needed to establish the NPSO corporate entity and oversee the initial stages of the implementation plan.
The PSODG revised its terms of reference to reflect the work required during the next stage of the consolidation process.
Robert Stansbury was the independent chair for the PSODG. Robert has been a senior advisor at the Prudential Regulation Authority (PRA) and Financial Services Authority (FSA), and is currently a senior advisor at the Banking Standards Board.
Other appointees to the seven-strong group are the chairpersons of the three PSOs involved in the potential consolidation and three additional representatives from the Forum.
The members were:
- Robert Stansbury, Independent chair
- David Rigney, Bacs
- Jane Bevis, C&CCC
- Nick Caplan, FPS
- Russell Saunders, Payments Strategy Forum (large PSP rep)
- Becky Clements, Payments Strategy Forum (small and medium PSP rep)
- Faith Reynolds, Payments Strategy Forum (end users rep)
You can find a register of the members’ other interests here: