In April, we consulted on our proposals for all PSPs in scope of our reimbursement requirement policy to report data and information to Pay.UK, so that it can effectively monitor and manage compliance with the FPS reimbursement rules. This publication confirms our requirements.
Why we are publishing this document:
To deliver timely certainty for all in-scope PSPs, we are confirming the requirements that must be in place for the FSP APP scams reimbursement policy start date of 7 October 2024. We have fully considered the feedback received to our consultation. Where necessary we have amended our final requirements, to ensure that they are both reasonable and proportionate. We have provided a summary of the compliance monitoring proposals we are finalising through this policy statement and legal instruments Specific Direction 19 (SD19), Specific Direction 20 (SD20) and Specific Requirement 1 (SR1), in Chapter 2.
What this document contains:
This policy statement confirms:
- the requirement for directed PSPs to register with Pay.UK by 20 August 2024. This is one way that PSPs will identify themselves as in-scope of the policy to Pay.UK and will help facilitate a shared directory – the FPS Reimbursement Directory. This directory will enable PSPs to find one another’s contact details so that they can meet the requirements in the FPS reimbursement rules and our policy, and communicate in respect of FPS APP scam claims received
- the data under reporting standard A that sending PSPs in-scope of the policy are required to retain and report to Pay.UK monthly in respect of transactions they have sent, to enable it to effectively monitor compliance with the FPS reimbursement rules
- the reasonable limits we are placing on Pay.UK in respect of the use and disclosure of the compliance data it receives
- our approach to requiring PSPs to inform consumers of their rights under the policy.
These changes will be delivered through amendments to our Faster Payments APP scams legal instruments SD19 and SD20 (including the CDRS) and SR1. This package of amendments will drive effective compliance monitoring from the policy start date of 7 October 2024.
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.
What happens next:
Directed PSPs must register with Pay.UK by 20 August 2024. You can find more information about how to register on Pay.UK's website. If you have any questions, please contact Pay.UK, via cbdo@wearepay.uk .
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. This will support confidence in Faster Payments, consistency of customer outcomes and fair division of liability between sending and receiving PSPs. We know that these incentives are already working, with many PSPs taking significant steps to improve end-to-end fraud prevention.