On 20 March, the PSR released an update on Confirmation of Payee (CoP) in light of Covid-19. The PSR have considered their regulatory approach and all things considered have advised the directed banks that if they are unable to implement CoP by the 31 March:
- banks must take appropriate steps to roll out CoP, taking into account the impacts of COVID-19, even if that means they do not meet the original 31 March 2020 deadline.
- they expect the directed banks to ensure customers who would have benefited from the protections of CoP are not otherwise disadvantaged from any COVID-19 related delay, including refunding victims of fraud if CoP would have prevented it from happening.
The PSR will not take any formal action in respect of delays to the introduction of CoP ahead of 30 June 2020 and will keep these arrangements under review as the wider impacts of COVID-19 are better understood.
Banks are still expected to do everything they can to protect people in the meantime and implement CoP as soon as possible.