FIN.

PSR publishes APP scams reimbursement information sheet

The PSR has published an information sheet to support firms’ compliance with Specific Direction 20 – the requirement for sending PSPs to inform consumers of their rights under the reimbursement requirement and reimbursement rules.

The information sheets suggests the type of information sending PSPs should consider providing to consumers. However, it is not prescriptive and the PSR makes clear that PSPs are able to communicate with customers however they think best. The suggested information includes:

  • Scope of the policy:
    • eligibility criteria;
    • time limits;
    • optional excess;
    • maximum claim limit;
    • rules applying to vulnerable customers;
    • exclusions;
  • Circumstances in which the reimbursement policy would not apply:
    • first party fraud;
    • gross negligence;
    • time exclusions;
    • international payments;
    • scam payments using cash or cheques;
    • civil disputes;
  • What consumers can expect when making a claim:
    • the expectations of consumers under the consumer standard of caution;
    • how to raise a claim under the new rules;
    • the ability of consumers to use the existing complaints process, including escalation to the FOS.

 

Harry Wells