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.
Specific Direction 10 (Confirmation of Payee) allows for exemptions from an obligation under that Direction when the PSR is satisfied that exceptional circumstances reasonably prevent the directed PSP from complying with the obligation or obligations, and/or it is not reasonable or proportionate to require that PSP to comply with the obligation or obligations in accordance with the applicable deadline or deadlines in the direction.
We received a number of applications for exemption covering a range of circumstances. Having considered the merits of each, we approved 15 (all on the grounds it is not reasonable or proportionate to require compliance) and in doing so imposing a revised deadline for compliance. We refused one application. The notices include the decision and reasoning, with some information being redacted due to commercial confidentiality and to mitigate the risk of fraud.
CP20/1- Confirmation of Payee: Proposal to vary Specific Direction 10
We are consulting on a proposal to vary our Specific Direction 10 on Confirmation of Payee.
PS19/4 - Specific Direction 10 (Confirmation of Payee)
Important notice: We issued Specific Direction 10 in a varied form on 14 February 2020.