Sir Jon Thompson Appointed Vocalink Chair Amidst BoE Fine
By Varun Mittal
Former HMRC chief Sir Jon Thompson becomes Vocalink’s independent chair following a £11.9M Bank of England fine for compliance failures. Learn more about this key appointment.
Sir Jon Thompson, former CEO of HMRC, has been appointed as the independent non-executive chair of Vocalink, Mastercard’s London-based paytech entity.
This crucial appointment follows Vocalink being fined £11.9 million by the Bank of England last July due to compliance failures, marking a strategically significant period for the business.
Thompson’s Extensive Leadership Background
Thompson takes over from Tim Murphy, a long-serving Mastercard executive who served as interim executive chair for 18 months. Murphy highlighted Thompson’s essential governance, regulatory, and leadership experience for guiding the board.
- Thompson previously served as secretary of the UK Ministry of Defence.
- He was head of corporate services at the Department for Education.
- His career includes CEO roles at the Financial Reporting Council and HMRC between 2016 and 2019.
- Thompson currently chairs Frasers Group and oversaw the HS2 rail project from 2022 to 2025.
Vocalink’s Critical Role in UK Payments
Vocalink, under Mastercard ownership since 2017, is responsible for designing, building, and operating bank account-based payment systems.
Its infrastructure supports the UK’s real-time payments, settlements, and direct debit systems.
- Vocalink reportedly moves more than £30 billion across the UK economy daily.
- This includes facilitating transactions such as pensions, salaries, and welfare payments.