The UK Payments Systems Regulator (PSR) has published a consolidated policy statement (PS25/5) concerning the authorised push payment (APP) fraud reimbursement requirement within the Faster Payments system, which came into effect on 7 October 2024. The document brings together previous publications on the reimbursement requirement to serve as a single point reference for stakeholders seeking to understand the policy and how it may impact them. The statement acts as general guidance to aid interpretation of the policy. The policy statement has also included FAQS on aspects of the APP scam reimbursement policy and, except where otherwise indicated, also applies to the requirements for reimbursement of APP fraud committed over the CHAPS payment system.
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