It's not often that I find myself agreeing with our elected officials. Politics is just show business for ugly people, as someone once quipped. But today I make an exception. A Treasury Select Committee has warned banks not to attempt to abandon cheques or deter customers from using them. It has also taken a swipe at the Payments Council and suggested that it be brought under regulatory control.
Andrew Tyrie, chairman of the committee, comments: "The Payments Council is a industry-dominated body with no effective public accountability. It should not have unfettered power to take decisions on matters such as the future of cheques, that are of vital importance to millions of people. Banks have given customers the impression the abolition of cheques was a foregone conclusion. This type of behaviour is unacceptable."
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