Source · Select Committees · Treasury Committee
Recommendation 28
28
Acknowledged
Paragraph: 124
We recommend that the PSR supplies a report to our Committee on progress in the...
Recommendation
We recommend that the PSR supplies a report to our Committee on progress in the implementation of Phase 2 by the end of 2022.
Government response summary AI-generated
The government would welcome the opportunity to provide the Committee with a progress report by the end of 2022.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
124
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
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. We would welcome the opportunity to provide the Committee with a progress report by the end of 2022.
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