Lucy HadrillThe PSR has written to Faster Payments System participants to set out areas of focus for implementing the mandatory APP scams reimbursement policy.
In order to ensure effective and timely implementation by 7 October 2024, firms should focus on:
- understanding the new reimbursement requirements – the requirements apply to both direct and indirect participants of the system but firms need to consider whether the requirements apply to them either as a sending PSP or as a receiving PSP;
- claim management and data reporting through Pay.UK – Pay.UK has procured a reimbursement claim management system. Firms need to register with Pay.UK as soon as possible (by 20 August at the latest) to enable Pay.UK to put in place the onboarding arrangements necessary for firms to meet their obligations from 7 October; and
- consumer awareness – firms should take proactive steps to notify consumers of the protections available under the new reimbursement requirement.
