PSR updates on CoP progress

The PSR has written to the Chair of the Treasury Select Committee to update her on the progress of CoP Phase 2 implementation. As a reminder, the aim of Phase 2 is to extend CoP to include PSPs who do not use the widely-used combination of six digit sort codes and eight digit account numbers.

The letter confirms that in October, the PSR issued Specific Direction 17 to c.400 PSPs directing them to provide CoP. The PSR says this will support near universal CoP coverage for all transactions made via the Faster Payments Scheme and CHAPS by October 2024.

Whilst CoP represents a big step forward in protecting more consumers from APP scams, the PSR acknowledges that it cannot prevent all types of APP fraud and so this work sits alongside other workstreams the PSR has in place to improve prevention of scams.

Lucy Hadrill