Government sets out approach to APP scam reimbursements

HM Treasury has published a policy paper outlining how the government and PSR intend to improve the reimbursement of APP scam victims.

The government intends to legislate in the Financial Services and Markets Bill to enable regulatory action by the PSR to require banks and other PSPs to reimburse victims in cases of APP scams in designated payment systems, including Faster Payments.

The PSR intends to consult on its approach to APP scam reimbursement in Autumn 2022.

Lucy Hadrill