On 1 August 2024, the Payment Systems Regulator (PSR) published an information sheet on authorised push payment (APP) scams.
The purpose of the information sheet, which is not compulsory, is to facilitate compliance with Specific Direction 20 which the PSR amended in July 2024 so as to include the requirement for sending payment service providers (PSPs) to inform existing consumers of their rights under the Faster Payments Scheme reimbursement requirement and reimbursement rules. As such it contains suggestions of the type of information directed PSPs may consider providing in relation to the reimbursement requirement and rules. Suggested content is set out under three categories which would support consumers in understanding how the reimbursement requirements apply to any claim. The categories are the scope of the policy; the exclusions (circumstances in which the reimbursement policy would not apply); and what consumers can expect when making a claim.