In 2023 and 2024, we published policy statements PS23/3, Fighting authorised push payment fraud: a new reimbursement requirement (June 2023), PS23/4: APP scams reimbursement policy statement (December 2023) and PS24/3: The FPS APP scams reimbursement requirement: compliance and monitoring (July 2024). These policy statements set the detailed parameters for the Faster Payments Scheme (FPS) authorised push payment (APP) scams reimbursement requirement. In July, we also published the updated three legal instruments which give effect to the policy.
Why we are publishing this document
In July 2024, we published our amended legal instrument Specific Direction 20 (SD20) in which we included the requirement for sending payment service providers (PSPs) to inform existing consumers of their rights under the Faster Payments Scheme (FPS) reimbursement requirement and reimbursement rules (section 5).
The purpose of this document is to facilitate compliance with PSR’s SD20 (July 2024). We are not prescribing how firms should communicate to their consumers. PSPs should have the flexibility to communicate with their consumers in ways which reflect their business model and approach. This document does not preclude any additional communications PSPs may wish to provide to their customers in respect of the requirements. PSPs should continue to have regard to FCA Consumer Duty requirements and any other relevant regulatory obligations.