How does this legislation affect your organisation?
All in scope PSPs must register with Pay.UK
The PSR has placed an industry-wide legal requirement, via a direction on in-scope payment service providers (PSPs), to reimburse victims under certain circumstances (Specific Direction 20/SD20).
The PSR has published a list of potentially in scope PSPs on their website and has written to PSPs explaining further about the regulation here.
The first step for PSPs in complying with SD20 is to register with Pay.UK to confirm that your organisation is in scope of the SD20 regulation, and to agree to be subject to the compliance monitoring regime. Please click here for the How-to guide to registration
By registering you will legally attesting that you are in scope of SD20, answer other relevant questions to prepare for compliance and accept the simple Registration Terms & Conditions.
If you have determined that your organisation is not in scope of SD20, we request that you please email CBDO@wearepay.uk titled “Not in scope” with your contact details and we will contact you regarding next steps.
The PSR mandated that all in-scope PSPs complete this step by 20 August 2024. Pay.UK updates the PSR on registrations at regular intervals. If your organisation has missed this deadline, and if you assess that your organisation is in scope, you must continue to register.
Registration is now open and can be accessed here
PSPs who have not yet read the FPS APP Reimbursement rules and Compliance Monitoring Process ahead of registering can do so via the links
To assist PSPs in implementing the APP Reimbursement policy, Pay.UK has developed the Reimbursement Claims Management System (RCMS) which will help PSPs comply with this new regulation.
On 12 July, the PSR published their policy statement and confirmed their strong support for a single system. You can find out more about how we will establish a single system (the RCMS) here.