FIN.

PSR publishes second Confirmation of Payee consultation paper

On 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.

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Caroline Stevenson