CFDG welcome Payments Council’s commitment to improve messaging around the target end date for cheques
16th June 2011
Charity Finance Directors’ Group (CFDG) welcome the Payments Council’s commitment, made in yesterday’s Treasury Select Committee meeting, to improve the communication around the 2018 target end date for cheques.
Caron Bradshaw, CFDG’s CEO explained: “A major concern we have with the target end date for cheques is that many cheque users have been led to believe that withdrawal is definitely going ahead, when in fact it has always been conditional, based on certain criteria being met in 2016. In our in our written evidence submission to the Committee we highlighted that many member charities have reported to us that their banks are informing them that cheques will simply be abolished, which causes unnecessary alarm. It is absolutely vital that this inconsistent messaging stops.”
In the Treasury Select Committee meeting, the Payments Council confirmed that CFDG’s concerns around messaging had been relayed to their Board and more will be done to improve this going forward.
CFDG has engaged extensively with members on the target end date for cheques, to identify the main concerns, expected impact of cheque withdrawal and progress in adopting alternatives. Bradshaw continued: “As it currently stands, withdrawal of cheques would have a hugely detrimental impact on the UK charity sector and we outlined CFDG member concerns in our submission. However we recognise that cheques are a dying form of payment and we commend work to improve and develop more secure and efficient alternatives. We will continue to work closely with the banks and Payments Council on this issue. ”
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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 written evidence submission to the Treasury Select Committee can be found on the CFDG website. For further information, please contact Melora Jezierska, CFDG Policy Officer, at firstname.lastname@example.org.