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Nick Harvey MPStanding up for North Devon since 1992 |
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DEMISE OF THE CHEQUE UNWELCOME SAY CONSUMER GROUPS
March 18, 2010 3:53 PM
"Age Concern, Citizens Advice, the Institute of Fundraising and the British Cheque and Credit Association recently told the Treasury Select Committee that scrapping cheques will have a very detrimental impact," warns Nick Harvey.
Jane Vass of Age Concern told the committee: "Older people are the highest users of cheques. Twenty-one per cent of people say that moving away from cheques will be a major problem for them.
"It will force older people who are capable of managing their own affairs to be dependent on others."
Nick adds, "My real concern is that the elderly will be made financially vulnerable by this move. The worry is that they will keep more cash at home and entrust debit cards and pin numbers to others."
Geoff Holland of the British Cheque and Credit Association said cheques are still "by far the most convenient and cost-affective was of paying bills" for small businesses.
The Payments Council (who set the strategy for the UK payments System) has set a date of 31 October 2018 to end universal cheque clearing, and so effectively end cheque-usage in the UK.
The Treasury Committee launched an inquiry into the Payments Council's proposal on 11 February 2010 (in advance of oral evidence sessions now underway) seeking written submissions on cheque trends, advantages/disadvantages of abolition and the development of alternatives.
Prior to this the Payment Council agreed that the cheque guarantee card scheme (CGCS) should end and the 24 bank and building society members of the UK CGCS announced that it would cease on 30 June 2011.
Nick notes, the British Retail Consortium argues that cheques are an expensive way to do business, however it is evident that workable alternatives are needed before cheques are phased out as this will impact on everyone not just the elderly."
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