The Bank of England has confirmed that the CHAPS payment system will be staying open for extra time from 20 June 2016.
Subject to individual banks confirming their position, the new extended opening hours could mean that deadlines for customer-to-customer payments will be put back an additional hour and forty minutes to as late as 17:40, and 18:00 for bank-to-bank payments. Individual banks will be able to choose their own cut-off times. They will confirm the details of their service changes to their customers.
The Law Society is not proposing to make any changes to the completion times set out in the Standard Commercial Property Conditions or in the Standard Conditions of Sale as a result of these changes.
However, it may mean that some transactions that would not otherwise have completed on the contractual date may do so following 20 June.
To help to inform users of the change to the scheme’s operating hours, CHAPS Co has produced information guides for customers: Extending CHAPS’ Operating Hours - Information Guide for Businesses and Consumers.