On 3 October 2024, the Payment Systems Regulator (PSR) published a policy statement, PS24/7, confirming the maximum level of reimbursement under its Faster Payments Authorised Push Payment (APP) scams reimbursement requirement.
Background
The PSR announced on 26 September 2024 that it had decided to start the maximum level that PSPs
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
On 25 September 2024, the Financial Conduct Authority (FCA) published Consultation Paper 24/20 on proposed changes to the safeguarding regime for payments and e-money firms. The aim of the proposals is to make safeguarding rules stronger and clearer for these firms so that customers get as much of their money back as quickly
On 20 September 2024, the Payment Systems Regulator (PSR) published an updated version of its guidance on powers and procedures.
The guidance covers the PSR’s role as the regulator for payment systems and the powers it has under the Financial Services (Banking Reform) Act 2023 (FSBRA) to take regulatory action by
On 18 September 2024, the Payment Systems Regulator (PSR) published a consultation paper, CP24/12, on a draft statement of policy on its cost benefit analysis (CBA) framework.
The Financial Services and Markets Act 2023 introduced additional CBA accountability requirements for the PSR, including a requirement to publish a statement of
On 30 July 2024, the Bank of England (BoE) published a discussion paper (DP) on its approach to innovation in money and payments. The DP asks for responses on “the next step in a wide-ranging conversation on how to deliver an ambitious agenda for the UK payments landscape”.
In the DP
On 31 July 2024, the European Banking Authority (EBA) issued a public consultation on draft Implementing Technical Standards (ITS) for uniform reporting templates in relation to the level of charges for credit transfers and share of rejected transactions under the Single Euro Payments Area (SEPA) Regulation.
On 19 March
On 30 July 2024, the Bank of England (BoE) published a discussion paper (DP) on its approach to innovation in money and payments. The DP asks for responses on “the next step in a wide-ranging conversation on how to deliver an ambitious agenda for the UK payments landscape”.
In the DP
On 29 July 2024, the Payment Systems Regulator (PSR) published its second Annual Review of Specific Direction 12 (SD12), which was designed to ensure LINK continues to maintain a broad geographic spread of free-to-use ATMs.
SD12 was issued to LINK in March 2022, replacing previous Specific Directions that had been in