Gareth Shaw, Head of Money at Which?, said:
“Delays to the introduction of this vital name-check security have already resulted in thousands of customers losing life-changing sums of money to bank transfer scams – so this announcement is long overdue.
“Confirmation of payee is essential in the fight to wipe out this type of fraud, and could quickly cut the amount of money lost overnight. It’s now vital that all banks, not just those covered by this direction, do the right thing by their customers and implement this measure. The regulator must also ensure this time frame does not slip again – consumers can not afford any further delays.”