PSR publishes Annual Report

The PSR annual report for 2023/24 unsurprisingly highlights the regulator’s activities in relation to APP fraud and open banking. It notes:

• publication of the first set of APP fraud statistics;
• steps to incentivise firms to do more to prevent fraud;
• the deadline of 31 October 2024 for firms to implement Confirmation of Payee – which will cover 99% of Faster Payments;
• the new VRP working group; and
• proposals for the open banking “future entity”.