Date Published: 18 July 2024 Closing Date: 8 August 2024
In 2023, we published policy statements PS23/3 Fighting authorised push payment fraud: a new reimbursement requirement and PS23/4 Fighting authorised push payment scams: final decision. These policy statements set the detailed parameters for the Faster Payments Scheme (FPS) authorised push payment (APP) scams reimbursement requirement. We also published three legal instruments which give effect to the policy.
The start date for the reimbursement policy is 7 October 2024. It is crucial that PSPs continue the work already underway to prepare and ensure they are ready to implement the requirements.
What does this document contain and why are we publishing it?
After a series of engagement sessions with PSPs and industry we are aware of the practical challenges industry face in distinguishing between APP scams and civil disputes. Therefore, we have developed some draft guidance to help support PSPs in making this assessment.
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?
We are accepting feedback on our draft guidance until 8 August. We aim to publish the final guidance in mid-September. You can request a meeting to discuss the guidance further or email your comments to appscams@psr.org.uk or write to us at:
APP scams
Payment Systems Regulator
12 Endeavour Square
London
E20 1JN