The first specific requirement looks at the rule changes needed within the Faster Payments System (FPS). The second specific direction focuses on ensuring Pay.UK – the operator of FPS – has an effective monitoring regime for measuring whether payment firms are consistently complying with reimbursement requirements.
PSR has also published draft details of a third general direction that will require all payment firms to reimburse victims of APP fraud. It will be consulted on separately in September.
PSR proposes an implementation date for all three requirements of 2 April 2024.
The consultation closes on 25 August 2023.