Important notice: We issued Specific Direction 10 in a varied form on 14 February 2020.
We are giving a specific direction to members of the UK’s six largest banking groups to fully implement Confirmation of Payee (CoP) by 31 March 2020.
We consulted on the direction in May 2019, setting out that:
- From 31 December 2019: Directed PSPs must respond to CoP requests.
- From 31 March 2020: Directed PSPs must send CoP requests and present responses to their customers.
Responses to the consultation
We consulted on a draft version of this specific direction in our consultation PSR CP19/4. We ran the consultation from 9 May 2019 to 5 June 2019. We received submissions from 21 organisations. We discuss the responses we received and our conclusions and final decision in the responses to our consultation and decision document.
CP19/4: Responses and our final decision on our consultation on Specific Direction 10 (Confirmation of Payee)We consulted on a draft version of this specific direction in our consultation PSR CP19/4.
CP19/4 - Confirmation of Payee - Response to the first consultation and draft specific direction for further consultationWe are consulting on giving a specific direction for the implementation of Confirmation of Payee (CoP).