The Payment Systems Regulator (PSR) has imposed a public censure on Cheque & Credit Clearing Company Ltd (C&CCC) following its failure to comply with the PSR’s General Directions.
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.
Following careful consideration of the case, and in light of C&CCC accepting the PSR’s final decision, the regulator has concluded that issuing a public censure against C&CCC is a suitable sanction and will not impose any additional penalty. Further details are set out in the Decision Notice.
“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,” says Hannah Nixon, Managing Director of the Payment Systems Regulator.
“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.”