Under pressure from the government, the UK Payments Council has plans for a new body called the Payment Strategy Board (PSB). The PSB would be composed of industry experts as well as people from outside the business, such as consumer bodies.
Founded in 2007 to set the strategy for UK payments, the UK Payment Council has run into trouble primarily after members voted to ditch cheques within 9 years; a move which upset charities and interest groups.
According to the government, if reformed, the Council could still play a role within the PSB as the body through which banks can answer to recommendations from the new PSB.
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