In our latest update, Claire Simpson, Head of Policy at the PSR talks about the next steps on our claims management consultation and our intention to adopt Reporting Standard B by December 2026. 

Effective claims management and receipt of quality compliance data are key elements of our APP scams reimbursement policy, which went live on 7 October 2024. Together, these ensure that victims are treated fairly and enable us to understand payment service providers’ (PSPs) compliance with the policy, and overall performance.

We want to see a consistent approach to claims management, led and implemented by the payment system operator for Faster Payments (Pay.UK). This will deliver efficiencies for PSPs and enable adoption of Reporting Standard B (the more comprehensive compliance data requirements) which requires PSPs to be using the same system for claims management (or systems which can process compliance data).

We had planned to consult on regulatory requirements in April 2025. Having considered stakeholder feedback on system development and delivery, and the government’s National Payments Vision (NPV), including the review of Pay.UK, we are changing the timing of our consultation so that we can take account of the broad direction of travel of the NPV. Subject to the NPV, we anticipate being able to consult within three to six months.

This additional time enables Pay.UK and industry to continue collaborating on the design, funding and delivery of an effective common system that meets the needs of its users – building on the work already happening. This is essential to successful implementation. We will continue to support progress and engage stakeholders, ahead of our consultation.

The scope of our future consultation

Our consultation will not propose placing a regulatory mandate on PSPs to use a particular system for managing claims or for meeting the Reporting Standard B requirements.

Pay.UK’s RCMS has been designed specifically to facilitate Faster Payments APP scams claims management and to automate data reporting. While it is our view that all PSPs using the same system will drive consistency, deliver efficiencies for PSPs, and enable Pay.UK to monitor compliance in line with its published regime, we do not consider that it is necessary or proportionate to use our regulatory powers to require PSPs to use the RCMS or any other particular system.

PSPs already have commercial and regulatory incentives to use a common system – including to facilitate compliance with Reporting Standard B.  In our view, it is for PSPs working with Pay.UK, to determine the best approach to meeting their regulatory obligations. Effective collaboration and strong underpinning governance arrangements will be essential to delivery.

In line with our previous plans, our consultation will ask stakeholders to provide comment on:

  • a deadline for adopting Reporting Standard B by no later than December 2026
  • placing any additional regulatory obligations on Pay.UK that may be necessary to enable it to most effectively meet its compliance monitoring obligations in Specific Direction 19.

In the interim, Pay.UK will continue to monitor compliance with the FPS Reimbursement Rules, and the PSR will monitor compliance with our legal directions using the Reporting Standard A data. We are also considering the impact of this change on the timing and collection of sending and receiving firm data for our APP fraud performance data work beyond 2025.

We recognise that this is a shift from our previously communicated plans. We welcome ongoing engagement with stakeholders and are planning to run joint engagement sessions with Pay.UK – we’ll provide more details on this shortly.

Please reach out to the team if you have any questions in the meantime: appscams@psr.org.uk