Payne confirmed he was planning to launch a financial and corporate agency next May following his redundancy from H&K.
H&K has shut down its five-strong financial division just three years after it launched, making Payne and two of his colleagues redundant.
The remaining two City PROs have since been integrated into H&K's financial services and professional team, under the leadership of practice head Stuart Wilson.
H&K deputy chairman Andy Laurence denied the redundancies came as a result of WPP's decision to concentrate on sister City PR brand Finsbury, led by co-founders Roland Rudd and Rupert Younger.
'We have had rough trading conditions, particularly in the cross border financial business,' he said.
Payne said he is launching a consultancy with three undisclosed financial PROs, but remained tight-lipped as to the name of the agency and his partners.
