PS26/2 Specific Direction 17 (Confirmation of Payee) - Removing the expiry date

We have published a policy statement confirming our decision to remove the expiry date from Specific Direction 17 (SD17), which requires most payment service providers (PSPs) to provide Confirmation of Payee (CoP) service, this means CoP will continue to protect people and businesses as it does now.

CoP is the account name-checking service that helps reduce misdirected payments and certain types of authorised push payment (APP) fraud. It is widely adopted across UK Faster Payments and CHAPS transactions, with more than 320 organisations offering CoP checks and over two million checks completed every day.

SD17 was due to expire on 1 November 2026. We have decided to remove that expiry date so the direction remains in force unless it is varied or revoked. This preserves the existing regulatory baseline that supports broad participation in CoP and helps maintain the protections it provides to consumers and businesses.

Next steps

We will review the regulatory requirement to provide CoP in five years to ensure it remains necessary and proportionate. We may also review it sooner if significant developments in CoP or the wider payments landscape warrant it.

Alongside this decision, we will continue engaging with stakeholders on whether and how CoP requirements could be expanded to a wider group of PSPs. We will assess the evidence gathered before deciding whether to consult on any future proposal.