Maximum refund for victims of APP Scams confirmed

The new threshold amount:

• Was slashed from £415,000 to £85,000, bringing the cap in line with the Financial Services Compensation Scheme #FSCS limit;
• Will see over 99% of claims (by volume) covered; and
• Reinforces balancing consumer protection and strengthened anti-fraud measures, while supporting market competition and innovation.

Although the PSR's reimbursement cap is set at £85,000, banks remain liable for amounts up to the Financial Ombudsman Service's limit of £415,000 in cases where scam victim complaints are escalated.

The APP Reimbursement Rule enters into effect on 7^th October.

✅ Plenitude’s Fraud Practice can help you navigate this changing landscape. Prompt action and a strategic plan are key to ensuring your fraud risk management remains resilient, minimizes losses, and costs, and meets regulatory expectations. https://www.plenitudeconsulting.com/services/fraud-practice