PSR consults on APP reimbursement compliance and monitoring

The PSR has published a consultation paper seeking views on proposed reporting requirements for PSPs that are in scope of the new reimbursement requirement, so that the PSPs will report data to allow the regulator effectively to monitor and manage compliance with the rules. Pay.UK will provide a single reimbursement claim management system which PSPs will use to manage FPS APP scam claims, communicate between themselves and report data to Pay.UK.

The PSR recognises that this will need significant work, so is proposing a staged implementation, but with many requirements being effective and PSPs expected to comply with them by 1 May 2025. The proposals annex the detailed proposed metrics, data points and specific requirements.

Ultimately the PSR intends to create a similar framework for CHAPS reimbursements.

Consultation closes on 28 May.

Emma Radmore