Faster Payments completes review to strengthen governance

  • Tanya Castell appointed as third Independent Director 
  • Updated CPSS-IOSCO disclosure statement published on website

Faster Payments, the UK’s immediate internet, phone and mobile banking payment service, has appointed Tanya Castell as the scheme’s third Independent Director, as part of a range of improvements that further strengthen governance.

Tanya has over 25 years' experience in global financial services, during which time she developed extensive risk, corporate governance and regulatory expertise. She joins Duncan Ingram and Nick Caplan as Independent Non-executive Directors on the Board, with accountability for considering the wider public interest, especially the needs of consumers and new entrants to payments.

Since being launched in 2008, Faster Payments has become an integral part of how money is moved in the UK. The 24/7 service is recognised by the Bank of England as a systemically important Financial Market Infrastructure and transfers more than 3 million payments worth around £2.5 billion on an average day. Faster Payments also underpins the recently launched Paym mobile payments service.

Nick Caplan, Independent Chairman of Faster Payments, commented: 

“Faster Payments is now well established as an integral part of the way we move money in the UK, offering an almost instant 24 hour service. With the service continuing to grow, Tanya Castell’s significant experience will be invaluable in promoting challenger access to Faster Payments, managing risk and representing the interests of businesses and consumers that use what is now an integral part of UK plc.”    

The appointment fulfills one of a range of improvements laid out in the updated self-assessment disclosure to meet international governance standards. The updated CPSS-IOSCO self-assessment is published on the Faster Payments website and gives a public account of the policies, controls and procedures used by Faster Payments to manage settlement, credit, liquidity and the other key risks the service faces.

In addition to the appointment of the additional Independent Director, who is being given responsibility for audit and finance, other notable changes include enhancement of the Independent Directors’ public interest powers and all participants being given equal voting rights, irrespective of their size. 


Pictures of Tanya Castell are available on request. 

Tanya Castell, Independent Director
Tanya has held senior executive positions in the past across different areas of the risk spectrum within both commercial and investment banks (JP Morgan, UBS and latterly, having moved to Scotland, HBOS/Lloyds Banking Group). She has been responsible for implementing a variety of organisation-wide risk/regulatory change programmes including Basel II and addressing cultural change.  She left Lloyds Banking Group in 2010.

She is currently a non-executive director of Newedge UK (a major global multi-asset brokerage firm), Multrees Investor Services (a specialist provider of services for investment managers and family offices) and Scottish Canals (which is conserving and transforming Scottish canals). She is also chair of Soirbheas, a community charity in the Highlands and Changing the Chemistry (a Scottish based organisation seeking to improve board effectiveness through greater diversity of thought) and sits on the Advisory Board of Women on Boards. She chairs the Risk Committee of Newedge UK and the Audit and Risk Committee of Scottish Canals and Multrees. Tanya has also twice been a member nominated pension trustee.  

For further information contact the press office on 020 3217 8441/ 8251/ 8368/ 8340 or

Notes to editors
The publication is made in line with the principles for Financial Market Infrastructure of the Committee on Payment and Settlement Systems and Technical Committee of the International Organization of Securities Commissions (CPSS IOSCO): Disclosure framework for financial market infrastructures

Faster Payments’ CPSS IOSCO disclosure is available to view at 

About Faster Payments
The Faster Payments Service enables personal and business customers to move phone, internet and mobile payments within a few hours at any time - almost at the touch of a button. Immediate and forward dated payments are processed 24 hours a day, seven days a week. Standing orders are set up to be processed on bank working days. All Faster Payments must be credited to the receiving customer’s account within two hours of being sent. Faster Payments was the first new payments service to be introduced in the UK for more than 20 years, enabling phone, internet and standing order payments to move quickly and securely. The service and infrastructure was launched on 27th May 2008.

The Faster Payments Scheme has 10 members: Barclays, Citi, Co-operative Bank, Clydesdale and Yorkshire Banks (National Australia Group), HSBC, Lloyds Banking Group, Nationwide Building Society, Northern Bank (Danske Bank), Royal Bank of Scotland Group (including NatWest and Ulster Bank) and Santander UK. Faster Payments Scheme membership is open to credit institutions with a settlement account at the Bank of England who can connect their payment system to the central infrastructure 24 hours a day, 7 days a week. Other financial institutions are able to join, either as direct members, or to access the system through agency arrangements with a member.