PSR updates on APP scams reimbursement requirement

Article summary

The Payment Systems Regulator (PSR) has published an update on its new authorised push payment (APP) scams reimbursement requirement, delivered by its managing director, David Geale. Since the policy took effect on 7 October 2024, the PSR states that approximately 86% of funds lost to APP scams—amounting to around £27m—have been reimbursed to victims in the first three months. The update notes that both sending and receiving firms now share the cost of claims, with most being reported within two business hours and resolved within five business days. Despite initial concerns regarding a potential surge in claims or changes in consumer behaviour, the data is said to show stable claim volumes and minimal rejections based on consumer standard of caution. The PSR plans to continue to monitor the policy’s performance in collaboration with the Financial Conduct Authority (FCA) and industry stakeholders, and an independent review of its effectiveness is scheduled to commence in October 2025.