In June 2023, we published our policy statement outlining our new authorised push payment (APP) fraud reimbursement requirement. It sets out a path to reducing the impact of this type of fraud – by making sure more victims of fraud get their money back, but also by prompting a step change in fraud prevention.
Date Published: 15 August 2023 Closing Date: 12 September 2023
Why we are publishing this document and what it contains
We have published our consultation on the consumer standard of caution (gross negligence) and the consumer standard of caution guidance for PSPs.
This document explains the policy approach we propose to take to the consumer standard of caution and draft guidance we intend to produce alongside it.
We’ve also published our consultation on the value of the excess and maximum reimbursement level for Faster Payments and we are also asking questions on the topic of a maximum reimbursement level for CHAPS on behalf of the Bank of England.
Who should read this document
This document is relevant to the payments industry, consumer groups, payment service providers, and prospective qualifying customers who use Authorised Push Payments to send money and will be within scope of the policy, once implemented.
What happens next
The consultation is open until 5pm on 12 September 2023. You can email your comments to appscams@psr.org.uk or write to us at:
APP scams team
Payment Systems Regulator
12 Endeavour Square
London
E20 1JN