The PSR has published its decision on varying Specific Directions 2 and 3 on Pay.UK. This follows the PSR’s consultation earlier this year in which it consulted on proposed changes to Specific Directions 2 and 3 in order to implement its decision on lowering risks to successful delivery of the New Payments Architecture (NPA).
In comparison to the draft Directions that the PSR consulted on, three principal changes have been made:
- The reporting requirements for Specific Direction 2 have been changed, now requiring Pay.UK to submit a plan for developing the Bacs strategy to the PSR by 31 March 2023. Pay.UK must then submit progress reports within 9 months of each previous report.
- The compliance deadline for Specific Direction 3 has been extended from 1 April 2026 to 1 July 2026.
- Provisions in both Specific Directions 2 and 3 which allow the PSR to amend compliance deadlines therein have been reinstated.
The changes will enter into force on 1 January 2022 and the PSR will monitor Pay.UK’s compliance with the updated requirements.