Regular Saver confirmation of payee scheme

arsenalboy

I am aware that any payment I make or standing order I set up must follow the new guidance or else get rejected. However, what do I do for existing standing orders that have been running for months? The majority will have the bank/b soc as the payee name and not my name. Do I need to alter all my existing standing orders or is it assumed by the banking system that if payments have already been made then they must be correct?

eskbanker

Confirmation of Payee checks are only carried out when setting up a new payee.

Wheres_My_Cashback

arsenalboy said:

I am aware that any payment I make or standing order I set up must follow the new guidance or else get rejected. However, what do I do for existing standing orders that have been running for months? The majority will have the bank/b soc as the payee name and not my name. Do I need to alter all my existing standing orders or is it assumed by the banking system that if payments have already been made then they must be correct?

COP are checks only and can be overridden. As long as you have the account/sort/ref correctly payments go through, no need to change anything.

The banking industry has completely failed with the introduction of COP in terms of educating and advising customers on how it really works. They have done nothing but scare customers into thinking they may be being scammed, all to try and alleviate their own shortfalls and responsibilities.

eskbanker

Wheres_My_Cashback said:

The banking industry has completely failed with the introduction of COP in terms of educating and advising customers on how it really works. They have done nothing but scare customers into thinking they may be being scammed, all to try and alleviate their own shortfalls and responsibilities.

Seems an odd way of looking at it!  Obviously there has been a growing problem of APP scams over a number of years, and CoP is part of the solution to that but clearly can't eliminate it entirely, so no bank is going to claim otherwise and so it's understandable that there remains an onus on customers to be alert and vigilant.

masonic

The main issue is people misinterpreting the result of COP. That includes bank staff. As more institutions are enrolled, this problem will go away and a non-match will have something approaching the significance currently ascribed to it.

wiseonesomeofthetime

I will be leaving all my existing payees exactly how they are.

Interestingly, Gatehouse Bank have emailed me today advising that I should use my name as the payee from now on, instead of their's.

eskbanker

wiseonesomeofthetime said:

I will be leaving all my existing payees exactly how they are.

Interestingly, Gatehouse Bank have emailed me today advising that I should use my name as the payee from now on, instead of their's.

Yes, those institutions who weren't previously participants in CoP now need to join this month, although Gatehouse don't seem to appear on the list:

https://www.psr.org.uk/media/t3cjlksg/cop-group-2-psp-list.pdf

The underlying protocol now allows the verification of actual account names for those players routing payments via intermediary banks.

Aidanmc

wiseonesomeofthetime said:

I will be leaving all my existing payees exactly how they are.

Interestingly, Gatehouse Bank have emailed me today advising that I should use my name as the payee from now on, instead of their's.

Yes, i got this email today also.

Don't know if its necessary to update the payee details for 1st Nov payment. Will probably try existing one first

arsenalboy

wiseonesomeofthetime said:

I will be leaving all my existing payees exactly how they are.

Interestingly, Gatehouse Bank have emailed me today advising that I should use my name as the payee from now on, instead of their's.

Which is why I have asked the question having received the email from Gatehouse!

Bigwheels1111

I want to make a 13th payment to Gatehouse bank on the 1st so great timing.

gt94sss2

Having now received a number of these emails about the scope of CoP expanding, I note most financial institutions don't actually state whether you should choose personal or business as the account type..