Bank of Ireland UK Fined £3.7 Million for CoP Delay The Payment Systems Regulator (PSR) fined Bank of Ireland UK (BOIUK) £3.7 million for failing to implement the Confirmation of Payee (CoP) system by the deadline, delaying it by 14 months. This omission affected over 1.14 million new payees and payments totaling approximately £6.9 billion. BOIUK was supposed to have the CoP system in place by 3...

PSR - Payment Systems Regulator

Bank of Ireland UK Fined £3.7 Million for CoP Delay The Payment Systems Regulator (PSR) fined Bank of Ireland UK (BOIUK) £3.7 million for failing to implement the Confirmation of Payee (CoP) system by the deadline, delaying it by 14 months. This omission affected over 1.14 million new payees and payments totaling approximately £6.9 billion. BOIUK was supposed to have the CoP system in place by 31 October 2023 to combat fraud. The fine was reduced from £5.4 million due to early settlement. BOIUK was the last Group 1 payment service provider to comply, increasing customer fraud risk.

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Published on Feb. 19th, 2026 Published on Feb. 19th, 2026

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Take a look at this recent Q&A on Risk.net featuring Nedim Baruh and Patrick Naim: "Industrialising the challenge process: AI in operational risk scenario analysis"

Structured scenarios have significantly enhanced the way scenario analysis is carried out, especially when it comes to challenging assumptions. Exchanges with validation teams are far more robust compared to earlier, less structured methods. Many thanks to Nedim Baruh and Zoi Fletcher for this insightful discussion, and to Risk.net for sharing it.