UK PSR fines Bank of Ireland £3.78M for failing to implement Confirmation of Payee on time, leaving £6.9B in payments and 1.14M payees exposed to fraud, flagging the risk of delayed anti-fraud measures

by | Feb 20, 2026

The bank missed the regulatory deadline by over a year, leaving approximately 1.14 million new payees and around £6.9 billion in payment activity without this fraud protection. CoP is crucial in preventing authorised push payment (APP) fraud and mis‑directed payments,...

HMT’s consultation paper, ‘A Streamlined Approach to Payment Systems Regulation’, proposes to fully integrate PSR’s functions into the FCA to enhance regulatory efficiency – seeking feedback by 20 Oct 25

by | Sep 8, 2025

This consolidation, announced in March 2025 as part of the Regulatory Action Plan, would transfer the PSR’s responsibilities to the FCA, including promoting competition and innovation in payment systems, overseeing the services they provide, and safeguarding the...