Emma RadmoreOn 9th May 2019, the PSR published a consultation paper (CP19/4) setting out its response to the first Confirmation of Payee consultation and setting out it’s draft specific direction for further consultation.
The consultation proposes giving a specific direction to certain banks (Lloyds, Barclays, HSC, RBS, Santander, NBS, BOS, Cater Allen, NWC, UBL) who account for 90% of bank transfers using CHAPS or the Faster Payments System .
This will see an extension of the implementation deadlines to:-
- 31st December 2019 (Directed PSPs must respond to CoP requests)
- 31 March 2020 (Directed PSPs must send CoP requests and present responses to their customers)
Consultation responses must be received by 5pm on 5 June 2019.