In summary, the Association supports a combination of Option 1 (reform of the Payments Council) and Option 2 (the creation of the Payments Strategy Board). We believe that the Payments Council should be given the opportunity to reform first. Part of the reform should be to improve communication between the clearing banks and building societies via greater representation of small building societies at the Payments Council.

The Association's response is available below -

BSA response to HMT consultation: Setting the strategy for UK payments