Following its recent announcement confirming that it is reducing the maximum level that PSPs will have to reimburse APP scam victims to £85,000 per claim, the PSR has published two policy statements setting out details of its Faster Payments APP scams reimbursement requirement.
The reimbursement policy aims to incentivise payments firm to prevent scams from occurring, and ensure consumers are protected if they are a victim of a scam. Its start date is 7 October 2024.