The Payment Systems Regulator (“PSR”) has published two consultation documents in advance of its new authorised push payment (“APP”) fraud reimbursement requirement coming into effect in 2024.

The consultations are:

  • CP 23/6: APP fraud: Excess and maximum reimbursement level for Faster Payments (“FPS”) and Clearing House Automated Payment System (“CHAPS”); and
  • CP 23/7: APP fraud: The consumer standard of caution.

The consultations are relevant to the payments industry, consumer groups, payment service providers, and prospective qualifying customers who use Authorised Push Payments to send money and will be within scope of the policy, once implemented.

Both consultation periods run until 12th September 2023.

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