PSRFinehigh

Bank of Ireland UK

United Kingdom

The Payment Systems Regulator fined Bank of Ireland UK £3,779,300 on Feb 19, 2026, after the lender failed to implement Confirmation of Payee by the Oct 31, 2023, Group 1 compliance deadline. The bank activated CoP send functionality in January 2025, 14 months late. 9 billion.

Bank of Ireland UK was the last Group 1 provider to achieve compliance. The PSR opened a formal investigation in July 2024. 4 million was reduced by 30% after the bank agreed to early settlement.

The bank acknowledged the delay, confirmed CoP is now live for all customers, and said it continues to invest in fraud prevention controls.

Implications
  1. Demonstrates that payment regulators are actively enforcing fraud-prevention implementation deadlines with material fines
  2. Banks and BaaS providers operating in the UK payments ecosystem must prioritise timely compliance with CoP and similar mandates
  3. Early settlement discount of 30% signals a structured enforcement approach that incentivises cooperation
Source
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