Vision Engagement Group

The Payments Vision Delivery Committee has established a Vision Engagement Group to inform and support on its work. This group includes representatives from across the sector – including representatives of businesses and users. 

The Vision Engagement Group comprises of senior representatives of the regulators – the Bank of England (the Bank), the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) - and HM Treasury who are standing members. The group also includes representatives from the sector to ensure that its work is informed by views from, and progressed in partnership with, the sector. 

The design phase of the digital pound will continue alongside the Committee’s work, overseen by the existing joint HM Treasury and Bank of England Digital Pound Task Force, with input from the Central Bank Digital Currency (CBDC) Engagement Forum. The chairs of the Taskforce are also members of the Committee, which will ensure coherence across both governance bodies.

Terms of reference for the Payments Vision Delivery Committee.

Membership

The committee has finalised members based on the below criteria:

• Knowledge and experience. Members should be knowledgeable and experienced professionals from the groups listed below (see composition and participation). They should have first-hand professional experience working with retail payments or access to financial services, and/or of shaping and delivering relevant large-scale change programmes.
• Understanding of policy perspective. It is preferable that members can demonstrate understanding of policy issues related to the National Payments Vision.
• Resources. It is important that members can commit sufficient time and resources to the Vision Engagement Group. The required commitment will include attendance at meetings at least four times per year, as well as additional working groups (as required), and preparatory work. Members will also need to contribute to meeting and workshop agendas and papers (potentially at working level from within their organisations).
• Diversity. The Vision Engagement Group should reflect the overall diversity of the UK’s payments landscape, encompassing retail payments made by individuals and businesses (typically high in volume and low in value), as well as wholesale payments between financial institutions. A variety of organisations based on size, geography (reaching all regions of the UK), nature of business, etc. may be selected.

Composition and participation

The Vision Engagement Group consists of a group of members from the public and private sector. Membership will be as representative as possible of the UK payments sector, to include (but not limited to):

• banking and financial services
• consumer and civil society representative groups
• fintechs
• merchants
• payment companies
• trade bodies

Update on the delivery of next generation UK retail payments infrastructure

The Committee’s first deliverable is to set out the approach for the development and delivery of the UK’s retail infrastructure needs and the required governance and funding model to achieve it, drawing on work led by the Bank of England and Payment Systems Regulator (PSR).

The Vision Engagement Group has contributed views, insights and proposals to help shape progress to date. The Committee is grateful to the Vision Engagement Group and looks forward to continued close collaboration.

Further details on the model can be found on HMT's website.