PSR publishes Confirmation of Payee policy statement

Industry News | 14/02/20

The Payment Systems Regulator (PSR) has published PS20/1, Confirmation of Payee: Response to consultation CP20/1 and decision on varying Specific Direction 10. The document sets out feedback received during the consultation, the PSR’s responses, and its decision to slightly vary Specific Direction 10 (SD10) given to payment service providers (PSPs) in August 2019. The PSR has decided to give SD10 in a varied form such that it includes an additional basis for a PSP to ask for an exemption from an obligation under the direction, with a condition that a revised deadline will always be imposed as a condition of the approval of that exemption, and excludes accounts under HSBC’s Private Bank brand.