APP (Authorised Push Payment) Reimbursement Policy

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Financial protection is an important right, one we should all have, and the implementation of the Authorised Push Payment (APP) scam reimbursement policy aims to protect victims who have suffered financial loss and once implemented, can expect their bank to act in a consistent manner.

We have been directed by the Payment Systems Regulator (PSR) to implement the APP reimbursement policy which addresses APP fraud within the Faster Payment System (FPS). In-scope Payment Service Providers (PSPs) will be required to reimburse victims within five working days, and receiving PSPs will be required to share the cost of the fraud loss with the sending PSP.

The key benefit of the policy is improved experience and protection for end users in cases where they are victims of fraud as the majority will be reimbursed within five days, and the increased focus on the implementation of best-in-class fraud detection and prevention solutions across the industry to ensure fraud losses are kept to a minimum for both sending and receiving PSPs.

As operator of the FPS, there is also a specific direction (SD19) on us to include the reimbursement requirements, as set out by the PSR, in the FPS rules (Specific Requirement 1/SR1).

We have published the final version of the FPS Reimbursement Rules and the FPS Reimbursement Rules: Compliance Monitoring Regime as required under Specific Requirement 1 and Specific Direction 19. 

Further amendments to the FPS Reimbursement Rules and the Compliance Monitoring Regime may be required ahead of the 7 October policy start date to ensure they align with the PSR’s final policy positions and legal instruments, following their most recent compliance and monitoring consultation.

We are further required by the PSR to operate a compliance monitoring regime to:

Collect data from in-scope PSPs and monitor the consistent compliance of all in-scope PSPs with the APP scam reimbursement rules.

Act appropriately on breaches of the reimbursement rules by all in-scope PSPs in line with the agreed compliance monitoring process.

Report data to the PSR to allow it, as the public authority, to enforce non-compliant in-scope PSPs.

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