PSR is consulting on how to increase consumer support for APP scams. Following the initiatives it has taken to date, the new measures will:
- require reimbursement in all but exceptional cases;
- improve and make consistent the levels of protection; and
- incentivise banks and building societies to prevent APP scams.
PSR wants mandatory reimbursement in place as soon as possible and is working with Pay.UK and the industry to put the additional protections in place swiftly once the necessary legislation has been passed.
Consultation closes on 25 November.