Source · Select Committees · Treasury Committee
Recommendation 27
27
Paragraph: 123
We welcome the introduction of the Confirmation of Payee service in 2019, as recommended by...
Conclusion
We welcome the introduction of the Confirmation of Payee service in 2019, as recommended by our predecessor Committee. We also welcome the work the Payment Systems Regulator is doing to broaden its scope through the introduction of Phase 2, extending and enhancing the service.
Paragraph Reference:
123
Government Response
Not Addressed
HM Government
Not Addressed
In February this year, we issued Specific Direction 11 (SD11), requiring Pay.UK to close phase 1 CoP by the end of May so that all PSPs are using the Phase 2 technical environment. This will enable a wider group of PSPs to offer Confirmation of Payee to their customers and widen the circle of protection for consumers. Phase 2 of CoP is aimed at expanding participation to different types of institutions, including those that rely on secondary reference data (SRD), such as building societies. We want more PSPs to adopt CoP, and they can do this without regulatory intervention. However, we are ready to step in if required, and are considering our next steps. In the next three months, we will consult on proposals to direct more PSPs to adopt CoP.