PSR consults on CHAPS APP scam reimbursement

The PSR is consulting on a proposed direction to require banks and payment firms participating in CHAPS to reimburse customers who have been the victim of APP scams. The direction will support the BoE’s introduction of requirements similar to those the PSR has already finalised for FPS transactions. The approach is also as similar as possible.

The consultation also includes the BoE’s draft CHAPS reimbursement rules, and both consultations close on 31 May.

Emma Radmore