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Speeding up the processing of cheques: HM Treasury's two legislative proposals


On 1 December 2017, the consultation period closed on HM Treasury's latest step towards transforming the way in which cheques are cleared. In its bid to ensure UK payment systems remain effective, efficient, innovative and aligned to the needs of end users, HM Treasury has supported the industry-led initiative to introduce a new image-clearing system (ICS) for cheques.

This article focuses on the two legislative proposals consulted upon in late 2017.