On 30 July 2026, the Payment Systems Regulator (PSR) published a consultation paper in relation to Specific Direction 17: Confirmation of Payee (CoP), in relation to removing the expiry date and expanding the scope of directed firms.
Background
The PSR sets out that CoP was introduced to stop misdirected payments, by checking whether the name of a payee’s account matches the name and account details provided by the payer. There was also an expectation that it would reduce the number of authorised push payment (APP) scams.
Summary
The PSR is consulting on varying Specific Direction 17 in relation to CoP, as follows:
- To remove its fixed expiry date of 1 November 2026, so that the Direction continues in force and continues to protect people making payments across Faster Payments and CHAPS.
- Whether it would be appropriate and proportionate to expand the scope to place all payment service providers currently offering CoP on equal regulatory footing, including those that offer it on a voluntary basis.
Next steps
The PSR has asked for comments by 20 August 2026.