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PSR to host engagement sessions on APP scams reimbursement requirement

APP scams reimbursement requirement
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The Authorised Push Payment (APP) scams reimbursement requirement will officially take effect on 7 October 2024. This policy aims to provide protection to consumers who fall victim to fraudulent transactions. To ensure a consistent understanding across the industry, the Payment Systems Regulator (PSR) has announced a series of engagement sessions beginning at the end of March.

The engagement sessions will cover various aspects of the policy, starting with an overview session planned for 26 March. Topics to be discussed during these sessions include the scope of the policy, obligations of Payment Service Providers (PSPs), liability division, consumer caution standards, vulnerability considerations, handling complex claims, and more.

The engagement sessions will complement workshops led by Pay.UK, focusing on operational readiness and the development of a single system to aid firms in managing reimbursement processes. The first PSR-led session is scheduled for Tuesday, 26 March, from 12:15 to 14:00, and will be conducted in a hybrid format at the PSR office in Stratford, as well as online via MS Teams. Limited in-person attendance will be available on a first-come-first-served basis.

During the session, the PSR will provide an overview of the policy, discuss its scope, outline PSP obligations (including the ‘stop the clock’ provision), and address the treatment of excess liability.

Neopay is committed to supporting this initiative and encourage interested parties to register their attendance for the engagement sessions to stay informed and contribute to the dialogue surrounding this significant development in consumer protection.

Further details regarding subsequent sessions and topics will be communicated in due course by the PSR. To register to attend, click here.

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