PSR Specific Direction 11 Feb 2022

Specific Direction 11

10/02/2022 Size: 269.009 KB APP scams Confirmation of Payee Consumer protection Specific Direction Specific Direction 11


We have decided to give the direction, Specific Direction 11 that:

  • requires Pay.UK to terminate the terms and conditions for participating in Phase 1, withdraw each PSP’s CoP Phase 1 accreditation, and retire the Phase 1 rules and standards on 31 May 2022 
  • requires Pay.UK to notify the OBIE of this action, so the OBIE can close the Phase 1 technical environment 
  • requires Phase 1 PSPs to only use the Phase 2 technical for the CoP service after 31 May 2022 
  • requires relevant PSPs to regularly report to Pay.UK on their progress migrating CoP traffic to the Phase 2 Open Banking environment by 1 May 2022, and requires Pay.UK to pass this information to the PSR 
  • requires relevant PSPs to undergo enhanced reporting to both Pay.UK and us if we consider they are at significant risk of failing to migrate by 1 May 2022, with an obligation to implement a remediation plan agreed with the PSR; 
  • revokes SD10 on 31 May 2022. 

This direction will come into effect 11 February 2022.

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