The Payment Systems Regulator has published a decision notice fining Bank of Ireland UK plc (BOIUK) GBP 3,779,300 for failing to implement Confirmation of Payee (CoP) by the deadline applying to Group 1 payment service providers. BOIUK implemented a system to send CoP requests 14 months after the required date, meaning CoP checks were not applied to transactions involving more than 1.14 million new payees, with payments totalling approximately GBP 6.9bn. The non-compliance related to the send requirements in paragraph 3.1 of Specific Direction 17, which was published on 11 October 2022 and came into force on 24 October 2022, with Group 1 firms directed to be able to send and receive CoP requests by 31 October 2023. The PSR opened its investigation on 10 July 2024 and noted BOIUK was the last Group 1 payment service provider to achieve compliance. BOIUK agreed to settle at an early stage, qualifying for a 30% discount, which reduced the penalty from GBP 5.4m.
Payment Systems Regulator 2026-02-19
Payment Systems Regulator fines Bank of Ireland UK GBP 3.78m for late Confirmation of Payee implementation
The Payment Systems Regulator fined Bank of Ireland UK plc GBP 3,779,300 for failing to implement Confirmation of Payee by the deadline for Group 1 payment service providers. BOIUK's delay resulted in over 1.14 million transactions without CoP checks, totaling approximately GBP 6.9bn. The bank settled early, receiving a 30% discount on the original GBP 5.4m penalty.