On 25 September 2024, the Payment Systems Regulator (PSR) confirmed that the maximum reimbursement limit for victims of Faster Payments authorised push payment (APP) scams will be £85,000.

The PSR had previously published a consultation on the proposed limit on 4 September 2024. The maximum reimbursement value had previously been set at £415,000, in line with the Financial Ombudsman maximum reimbursement at the time, but will now be changed so that it is set at the Financial Services Compensation Scheme reimbursement limit.

A final Policy Statement explaining the reasoning for the decision will be published next week. The PSR is making this short announcement in the meantime to ensure everyone is clear on its decision and to provide clarity on the limit prior to the reimbursement requirements coming into effect on 7 October 2024, supporting their implementation, so that people benefit from the protections from that date.

The PSR also notes that the Bank of England (BoE), as the operator of CHAPS, has carefully considered the feedback made in relation to CHAPS as part of the same consultation, and has decided that the maximum reimbursement for CHAPS will be £85,000. The BoE has committed to reviewing this limit within 12 months.