The PSR is consulting on a potential variation to its Specific Direction 10 on Confirmation of Payee. It had previously told the members of the UK’s 6 largest banking groups that they must fully implement COP by 31 March 2020, and that it would grant exemptions only under exceptional circumstances. It now thinks there may be circumstances in which an exemption could be justified but not really be exceptional. It wants to introduce an additional basis for requesting an exemption (for where it is not reasonable or proportionate to require compliance, such as in relation to specific types of account, where new products are planned and where accounts are transferring between platforms) and to exempt HSBC UK Bank plc from the obligations of the direction in respect of accounts within the Private Banking brand, given that the brand (which is now being transferred to HSBC UK Bank plc) was not within the original direction.
PSR wants comments by 29 January.