Specific Direction 1: Access (sponsor banks) (2020)
Specific Direction 1 requires sponsor banks to publish information on their sponsor bank services and indirect access offerings, and to provide indicative timetables for those seeking indirect access to payment systems.
This is the revised version of Specific Direction 1 we published in March 2020. We published the original Specific Direction 1 as a part of our ‘day one’ Directions in March 2015.
In March 2018 we consulted on reviewing these Directions to ensure that they remained relevant and proportionate, reflecting market realities, changes to legislation and potential future developments. In March 2019 we published our decision on the review into our ‘day one’ Directions and consultation on the proposed Directions.
We also published our response paper RP20/1 in March 2020, explaining how we considered consultation responses to finalise the wording of the Directions.
The revised Specific Direction 1 comes into force on 5 May 2020.