Central Banking

Payments Council lambasted over cheques plan

cheque

UK lawmakers on Wednesday urged the Payments Council be stripped of its powers to decide on the future of cheques and called on the industry body to be more heavily regulated in the future.

In a report on the Future of Cheques, the Treasury Select Committee said that while it welcomed the Payments Council's "belated decision" to retain cheques, it said the council should no longer have the "unfettered power" to decide the future of cheques.

The Payments Council first announced plans to abolish

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