Electronic Funds Transfer: Fraud
The question
To ask the Chancellor of the Exchequer, what discussions she has had with the Payment Systems Regulator on the enforcement of the Authorised Push Payment fraud reimbursement rules introduced on 7 October 2024.
Answered by Emma Reynolds
Government ministers have meetings with a wide variety of organisations, details of which can be found at the following link:
The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. The Payment Systems Regulator (PSR) has introduced a mandatory reimbursement cap for APP scams taking place over the Faster Payment system. This came into force on 7 October 2024.
Enforcement of the APP scam reimbursement regime is a matter for the PSR, but to monitor the success and impact of this, the PSR has committed to commission an independent post implementation review of its policy after 12 months of the policy being in force.
On 11 March, the Government announced its intentions to consolidate the PSR and its functions primarily within the FCA. The PSR continues to be an independent economic regulator with full access to its statutory powers until legislation is passed to change this and APP scam victims will continue to benefit from the same levels of protection.
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