David Prosser: More cheques (and balances) required
Outlook When the Payments Council decided so few people use cheques these days that it could safely announce their abolition in a few years' time, it dropped an enormous clanger. The protests were so noisy that it was forced into aU-turn – and now the Treasury Select Committee wants to see its powers reined in.
One can see the MPs' point: the Payments Council holds sway over the way Britain's payments system works, yet representatives of the banks dominate its board. They come with their own agenda – which is why cheque guarantee cards are still up for the chop, for example, even though a small but significant minority of people want to see that decision reversed too.
Whether or not the Payments Council really needs to be brought under the control of our newfinancial regulators is questionable. But it is going to have to accept greater accountability.
Yesterday, it said its decision to backtrack on cheques proved itlistened to people's complaints, but the U-turn was far too long coming and probably wouldn't have happened without the intervention of groups such as the Treasury Select Committee.
- 2 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 4 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Amber Peat: Body found in search for missing 13-year-old who ran away after argument with her parents
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...