Decision to repeal target end date for cheques is sensible say CFDG
12th July 2011
Charity Finance Directors’ Group commends the Payment Council’s decision to cancel the target end date for cheques, announced today.
Caron Bradshaw, CFDG’s CEO, commented: ‘So many charities rely on cheques for both making payments and receiving donations and the 2018 date was simply too ambitious. Although the Payments Council put considerable effort into engaging with the sector on the issue, there remained a number of significant concerns which we outlined in our evidence to the Treasury Select Committee inquiry. In our minds, the decision to withdraw the target end date is, at this time, a sensible course of action to take.’
As senior finance professionals working within charities, CFDG members have been actively engaged on the issue of cheques since the target end date was announced. A series of regional meetings were held in conjunction with the Payments Council where members raised their concerns, and CFDG’s Banking Forum has provided ongoing feedback on the issue. CFDG is also a member of the Payments Council Charity and Voluntary Sector Liaison Group.
Caron continued: ‘While this is clearly good news for all those charities set to be affected if cheques were withdrawn, we hope that this will not mean work to develop more secure, cost effective and efficient forms of payment stops. We understand that the Payments Council will continue to work to encourage innovation in methods of payment and we will work with them and the banks to ensure charity interests are represented.’
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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 Commons Treasury Select Committee Future of Cheques Inquiry can be found here.