Bank of Ireland UK fined £3.7m after introducing anti-fraud tool a year late

The confirmation of payee name checking service aims to reduce risk (Dominic Lipinski/PA) - (PA Archive)

Bank of Ireland UK has been fined more than £3.7 million for missing a deadline by more than a year to put in place a “vital” service that helps to protect people from fraud and payments accidentally being misdirected.

The £3,779,300 fine was issued by the Payment Systems Regulator (PSR), for implementing a system to send requests for confirmation of payee checks 14 months after the deadline.