CFDG supports Treasury Select Committee's call to banks not to 'abandon cheques by stealth'
24th August 2011
Charity Finance Directors’ Group (CFDG) supports calls from the Commons Treasury Select Committee that banks should not attempt to abandon cheques by stealth or deter customers from using them, as outlined in their Future of Cheques report published today.
Jane Tully, CFDG’s head of policy and public affairs, commented: ‘The Payments Council’s decision to cancel the target end date was sensible; however it is vital that the commitment to retain cheques for as long as they are needed is meaningful. Individual banks should not marginalise cheques by making them too expensive to use or difficult to obtain - it is good the Committee will continue to scrutinise this.
In their submission to the Treasury Select Committee’s inquiry, CFDG highlighted that members and other cheque users were receiving inconsistent messaging, with some banks saying that the withdrawal of cheques was a foregone conclusion and definitely going ahead.
Jane continued: ‘the lack of clarity from the banks about the future of cheques exacerbated the alarm and confusion that many users already felt about the target end date. It is essential that going forward there is more transparency and accountability around the payment options available to consumers. The Committee’s recommendation that individual banks write to users to confirm that cheques will stay for the foreseeable future is a sensible first step – while the target end date has been cancelled charities would still benefit from solid assurances.’
- Ends -
Notes to Editors:
1. CFDG is the charity that champions best practice in finance management in the voluntary sector. Our training and development programmes enable finance managers to give the essential leadership on finance strategy and management that their charities need. With more than 1,700 members, managing over £21bn, we are uniquely placed to challenge regulation which threatens the effective use of charity funds. For more information, please see www.cfdg.org.uk.
2. CFDG’s submission to the Treasury Select Committee can be found on the CFDG website. For further information on CFDG's work on cheques, please contact Mel Jezierska at email@example.com or on 0207 250 8348.