Which? statement on delays to the implementation of confirmation of payee

Gareth Shaw, Head of Money, Which?, said:
“Any extended delay to this vital measure would be a huge betrayal of bank customers and is likely to result in millions of pounds being lost unnecessarily to bank transfer scams – with devastating consequences for the victims.

“Confirmation of payee could eliminate a huge number of bank transfer scams, so the regulator must now set a clear deadline for its introduction backed up by tough action against any banks found dragging their feet.”

Statement