The Cheque and Credit Clearing Company is a private, not-for-profit company limited by shares. It is a wholly owned subsidiary of Pay.UK.
The oversight, systemic risk management and strategic direction of the running and managing of the cheque paper and cheque image clearing systems was handed over to the board of Pay.uk as the System Operator on 18th July 2018. All payments continue to be processed as usual as the C&CCC will continue to support the paper clearing system for cheques and credits and the recently launched Image Clearing System (ICS).
HM Treasury has designated the payment system known as Cheque and Credit as a regulated payment system for the purposes of Part 5 on the Financial Services (Banking Reform) Act 2013. This means that the Cheque, Credit and Image Clearing systems are regulated by the Payment Systems Regulator (PSR).
The cheque and credit paper clearing system (PCS) and the cheque Image Clearing System (ICS) are each designated systems under the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (FMIR).
Pay.UK is recognised as the System Operator of these regulated payment systems.