On 22 October 2026, the Payment Systems Regulator (PSR) published Specific Direction 17 (Confirmation of Payee) (SD17).
The PSR introduced Confirmation of Payee (CoP) requirements through Specific Direction 10 in 2019, updated them through Specific Direction 11 in 2022, and expanded participation through SD17 in October 2022. SD17 required all directed payment service providers (PSPs) to deliver CoP by 31 October 2024. It was due to expire on 1 November 2026.
The PSR explained that CoP is now widely adopted, and the PSR’s compliance work has found that more than 320 organisations offer CoP checks, representing over 99% of organisations initiating Faster Payment transactions in the UK. As a result, following consultation, the PSR confirmed that it has now removed the expiry date from SD17, in order to preserve the existing regulatory baseline for CoP. The PSR also confirmed that it will consider separately whether and how CoP requirements should apply to a wider group of PSPs.