The Payment Systems Regulator (PSR) has today published its consultation on general directions for the implementation of Confirmation of Payee (CoP).
The consultation considers whether regulatory intervention is needed to require banks and PSPs to implement CoP. The PSR has always been clear that more needs to be done to protect people from Authorised Push Payment (APP) scams and CoP is one important tool for preventing these scams. The PSR believes that, for CoP to be effective in protecting both consumers and the banks, it needs to be implemented quickly and be widely available and the consultation seeks views on the most effective way to achieve this.
For full details of the consultation, visit: https://www.psr.org.uk/psr-publications/consultations/cp-18-4-consultation-general-directions-implementing-cop
The consultation closes on 4 January 2019