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Security is key consideration for payments regulator to make current account switching system a success

5 February 2013

Commenting on George Osborne’s banking reform proposals, Stephen Ley, partner in Banking and Payments Risk Services at Deloitte, said:

“Banks payments are an essential service, like electricity or telecommunications. We take them for granted but the impact is immediate when things go wrong.

“Innovation in the highly-connected banking and payments world takes time because of the scale and expense of any change and the extreme penalties for getting it wrong.  Despite these obstacles, the market is changing fast. 2014 will see the launch of m-payments across the UK which, combined with the UK’s leading faster payment service, will enable payment to be sent via a mobile number in near real time 24-hours a day 365 days a year.

“The new payments regulator will need to carefully balance the desire for more competition and innovation with consumers’ needs for resilience, reliability and security.”

Ends

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About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

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