Specific Direction 10 (Confirmation of Payee) (Varied February 2020)
We are giving a revised specific direction to members of the UK’s six largest banking groups to fully implement Confirmation of Payee (CoP) by 31 March 2020.
The original Specific Direction 10 was given on 1 August 2019.
We consulted on a proposed variation of Specific Direction 10 in January 2020. We published the Response to our consultation on varying Specific Direction 10 and decision on 14 February 2020. In it we detailed our decision to give SD10 in the varied form we proposed in our consultation but with one change. That change is to make clear that we will always impose a new date for compliance with SD 10’s requirements if we approve an exemption under the additional basis.
Full stakeholder submissions to our consultation on varying Specific Direction 10 have also been published.