On 7 June 2023, the Payment Systems Regulator (PSR) confirmed in itsPolicy Statement(PS23/3) (PS) how it intends to implement Mandatory Reimbursement (MR Reforms) for victims of authorised push payment (APP) fraud. The PS followed the passing into law of the Financial Services and Markets ...
Who is the Payment Service Regulator (PSR)? expandable section The PSR regulates the payment systems that the UK banks, building societies, and payment firms operate. When someone moves money electronically, they do this using a payment system. This includes contactless payments, money transfers...
In June 2023, the Payment Systems Regulator (PSR) — a UK-based statutory body and economic regulatory agency —introduced a landmark rulemandating reimbursement for victims of APP scams. This rule shifts some of the financial burden from consumers to banks, prompting financial institutions to impl...