This new system will give consumers upfront knowledge about their debits through an electronic authentication process, ensuring that debits will be authorised legally and rule out any cash flow management strategies from abusive consumers.

From the implementation of the Authenticated Collections system, the debit order industry will be given approximately 2 years to move over to Authenticated Collections from September 2016.

It is expected that authentication options available to both users and customers will include electronic and card based options.