The Bank of England has announced its decision to extend the Clearing House Automated Payment System (CHAPS) settlement day from summer 2016.
The settlement day for CHAPS, the UK’s high-value payment system, and CREST, the UK’s securities settlement system, will be extended by one hour and forty minutes from summer 2016. In future, these systems will close at 18:00 for direct participants, such as the major banks.
This is good news for transactional lawyers and clients alike, but especially for residential property lawyers and home movers, as it means that the likelihood of money not arriving and clients literally being left on the curb is decreased.
