This follows the introduction of automatic compensation measures for erroneous transfers in May 2019.
The previous standards required suppliers to comply with the following:
From the 1st May 2020, suppliers must:
All suppliers should ensure that they are aware of the changes coming into force well ahead of 1st May 2020. Business process will need to be reviewed and the changes will need to be trained out across the operational areas within your business.
We are preparing for this by making system and operational changes to reduce the risk of any automatic compensation situations arising. We are currently examining options for delivery of changes and will keep you up to date with the outcomes.
We are also creating new reporting, to ensure that customers are able to pay GSoP payments when required.
If you would like more information on GSoP, support on how to ensure your processes can support this change or information on our new reporting, please contact Jolyon Canlin.