meta_id 3364682

On July 30, 2026, the Payment Systems Regulator (PSR) launched a consultation on proposed amendments to Specific Direction 17 (SD17), which underpins participation in the Confirmation of Payee (CoP) scheme. CoP is a system that helps reduce misdirected payments and certain types of authorised push payment (APP) fraud by verifying whether a payee's account details match those held by their payment service provider (PSP). More than 320 organisations currently offer CoP, with the scheme processing over 2 million checks daily. SD17 is scheduled to expire on November 1, 2026. The PSR's consultation proposes two key amendments to ensure CoP continues providing strong protections for payment system users as the payments market evolves. First, the PSR proposes removing SD17's expiry date so it remains in force beyond November 1, 2026. Second, the PSR is seeking views on whether to expand SD17's scope to place all PSPs currently offering CoP on equal regulatory footing, including those offering it on a voluntary basis. The PSR intends these proposals to maintain broad and consistent participation in CoP, helping sustain protections against misdirected payments and certain types of APP fraud. The consultation is open to anyone with an interest in UK payments, particularly PSPs, businesses, consumer groups, and organisations involved in fraud prevention. The comment period closes at 5pm on August 20, 2026, and responses should be submitted to the PSR. The PSR will use feedback from this consultation to inform its final decision on SD17's future framework.