The PSR has published its policy statement confirming the requirements for the mandatory APP scams reimbursement policy which takes effect on 7 October 2024.
The PSR consulted in April 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.
The policy statement now confirms:
- the requirement for directed PSPs to register with Pay.UK by 20 August 2024. This will allow PSPs to identify themselves as in-scope of the policy to Pay.UK and will facilitate the FPS Reimbursement Directory, enabling PSPs to find one another’s contact details so that they can meet the requirements in the reimbursement rules;
- the data under reporting standard A that sending PSPs in-scope of the policy are required to retain and report to Pay.UK monthly in respect of transactions they have sent, enabling it to effectively monitor compliance with the FPS reimbursement rules:
- under SD20 and reporting standard A, sending directed PSPs are required to collate and retain data that falls within reporting standard A, and report this data to Pay.UK monthly;
- the date by which in-scope PSPs must submit the first report to Pay.UK has been amended to 6 January 2025;
- the reasonable limits placed on Pay.UK in respect of the use and disclosure of the compliance data it receives;
- that PSPs must inform consumers of their rights under the reimbursement requirement, and of upcoming contractual changes, by 7 October. The PSR expects PSPs to explain that their terms and conditions will be amended by 9 April 2025.