On 7 May 2024, the Payment Systems Regulator (PSR) published a Consultation Paper, CP24/7, on authorised push payment (APP) scams publication guidance for the second reporting cycle (January to December 2023), known as cycle 2. CP24/7 accompanies the PSR’s draft guidance on the publication of APP scams data for cycle 2 and it discusses the changes that the PSR has made to the publication guidance following cycle 1.

As part of a wider package of reforms, the PSR required the 14 largest payment service providers (PSPs) in England and Northern Ireland to report APP scams performance data to it. In October 2023, the PSR published its first report and also required the 14 directed PSPs to publish a subset of that data on their homepage – this requirement is set out in Specific Direction 18. To support directed PSPs with publishing this comparative data, the PSR provided guidance in which it asked those firms to publish the data in chart form. Since this original guidance was issued, the PSR is now proposing to make changes to the publication guidance for cycle 2 and is seeking views on these changes.

Next steps

The consultation is open until 30 May 2024. Following the consultation and its assessment of the responses, the PSR expects to issue the final publication guidance for cycle 2 by the end of June 2024..