UK Payments Regulator Delays Fraud Prevention Measures Until 2020

The UK’s Payment Systems Regulator (PSR) has announced in a new consultation that it will be pushing back the deadline for implementation of new fraud prevention measures by almost a year from the original date, and reducing the number of financial institutions required to put it into practice.

The six largest banking groups in the country — Lloyds Group, Barclays Group, HSBC Group, Royal Bank of Scotland Group, Santander Group and Nationwide Building Society — will now be required to introduce confirmation of payee (CoP) by two staggered deadlines: December 31, 2019 and March 31, 2020.

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