This document sets out the details of a compliance failure by Cheque and Credit Clearing Company Ltd (C&CCC).
What was the compliance failure?
C&CCC failed to publish its board minutes for a number of different meetings during 2016 within an adequate timescale. This was a breach of our General Direction 6.
These breaches occurred despite us sending repeated reminders to C&CCC of their obligations to publish their board minutes and the importance of compliance with our General Directions.
What was the penalty?
We concluded that issuing a public censure against C&CCC is a suitable sanction in this particular case and will not impose any additional penalty. Further details are set out in the Decision Notice.
Who should read this?
This document is relevant to:
- participants in regulated payment systems under FSBRA and;
- anybody with an interest in our enforcement process
PSR issues public censure on Cheque and Credit Clearing Company Ltd
The Payment Systems Regulator (PSR) has today imposed a public censure on Cheque & Credit Clearing Company Ltd (C&CCC) following its failure to comply with the PSR’s General Di…
PSR General directions
Important notice: We published revised versions of our ‘day one’ Directions on 5 March 2020.
Powers and Procedures Guidance
Important notice: This is the original version of our PPG, which we published in March 2015.