Draft Financial Services And Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 Draft Electronic Presentment Of Instruments (Evidence Of Payment And Compensation For Loss) Regulations 2018

David Linden Excerpts

Wednesday 4th July 2018 General Committees

[David Linden (Glasgow East) (SNP)]

It is a pleasure to serve under your chairmanship, as always, Sir Henry. The Scottish National party will not oppose these statutory instruments. I rise to make a couple of brief points about one of them.

I very much welcome the image clearing system for cheques. Reducing cheque clearing times will bring cash flow benefits to firms and individuals. Contrary to what some people think, cheques are still a hugely important part of our economy. For example, in 2016, 477 million cheques were used for payments and to acquire cash in the UK, with a total value of £551 billion.

While the Minister is here, I ask Her Majesty’s Government to take the opportunity to commit to retaining the cheque clearing system for as long as there is demand for the service; there was a bit of clash with the UK Payments Council back in 2009, I think, so I seek clarity from the Minister on that. I would also like the Minister to set a clear date for the reviewing and publishing of details of the measures taken. Regulation 10 of the draft Electronic Presentment of Instruments (Evidence of Payment and Compensation for Loss) Regulations 2018 provides that the Treasury should undertake periodic reviews of the measures taken, so Her Majesty’s Government must ensure that it monitors the implementation of the measures and publishes those findings.

The Scottish National party will not oppose the draft orders. I thank Committee members for their forbearance.