On 7 July 2023, the Payments Systems Regulator ( PSR) released a assessment paper worrying the legal instruments with which it will execute its authorised push payment ( APP) fraud compensation requirement policy. The assessment paper follows the PSR’s Policy Declaration 23/3: Battling authorised push payment scams: a brand-new compensation requirement– reaction to September 2022 assessment ( PS23/3).
In this assessment paper the PSR mentions that it will be utilizing 3 legal instruments to offer result to its APP fraud compensation policy, laid out in PS23/3. The PSR is welcoming views on the particular information of 2 of the 3 legal instruments, a particular requirement under area 55 of the Financial Solutions (Banking Reform) Act 2013 ( FSBRA) and a particular instructions to Pay.UK under area 54.
The PSR will direct Pay.UK to put the brand-new compensation requirement into Faster Payments guidelines utilizing its powers under area 55 of the Financial Solutions (Banking Reform) Act 2013. Utilizing its powers under area 54 of FSBRA, the PSR will offer a particular instructions to Pay.UK to:
- Establish and carry out guidelines and plans to keep track of compliance by all PSPs with the compensation guidelines.
- Display the nature, level and efficiency of compliance with the compensation guidelines by PSPs.
- Gather information and info in order to assist in the tracking of PSPs’ compliance with the compensation guidelines.
- Report to the PSR on the nature, level, and efficiency of compliance with the compensation guidelines by PSPs.
The PSR likewise releases its basic instructions to payment provider ( PSPs) for exposure however means to speak with on it individually in October. The intent is to permit Pay.UK to prepare the compensation guidelines in advance, so that the assessment will be much better notified on PSPs’ commitments under the area 54 basic instructions. There will be an additional assessment on the basic instructions on PSPs in October 2023.
The due date for discuss the assessment paper is 25 August 2023.
The PSR means to settle and release all 3 legal instruments in December 2023.
The PSR is proposing an execution date of 2 April 2024.