Payment Systems Regulator opens follow-up consultation on Confirmation of Payee

Regulatory Updates | 10/05/19

The Payment Systems Regulator (PSR) has published its follow-up consultation for Confirmation of Payee (CoP) – an important tool to further protect people from Authorised Push Payment scams and prevent payments being accidentally sent to the wrong account.

Following feedback to an earlier consultation in which the PSR had proposed issuing a general direction, the PSR now instead proposes giving a specific direction to members of the six largest banking groups in the UK, who are involved in around 90% of bank transfers, to fully implement CoP by 31 March 2020. The consultation includes a list of affected Payment Service Providers within the relevant banking groups.