The Cheque and Credit Clearing Company is designated by HM Treasury as a Regulated Payment System in accordance with Part 5 of the Banking Reform Act 2013. As of 1 April 2015, the payment systems managed by the C&CCC are regulated by the Payment Systems Regulator (PSR).
The Cheque Clearing System and the Credit Clearing System are each a “designated system” under the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (FMIRs). The C&CCC achieved designation for these systems from the Bank of England, which is the designating authority for UK payment systems, in 2008.
The FMIRs allow payment and settlement systems to apply for certain protections against the operation of normal insolvency law insofar as it applies to payment messages entered into the system. The practical effect is that the Settlement Finality Regulations protect the finality and irrevocability of the cheque clearing and credit clearing payment messages in the event of insolvency of a system member. They also help to ensure the enforceability of collateral security provided by the members of the systems.
The C&CCC continually monitors the regulatory landscape to ensure that its own legal and regulatory framework evolves accordingly. The C&CCC also responds to consultation papers issued by regulators and government agencies. A selection of these responses can be found in our Consultation Responses section.
The C&CCC holds its own consultations to explore issues facing the cheque and credit clearing landscape. More information can be found here.