Public Services Obligation

Pensions analysis: In the determination of Mr S, CAS-30342–Z1B0, the Pensions Ombudsman (PO) has rejected a complaint about the calculation of a pension sharing order (PSO). The complainant had disagreed with the methodology used by the administrators for the purposes of calculating the value of the pension credit on the valuation day and also complained of delays responding to his complaint, potentially suffering financial loss as a result. The PO disagreed, finding that the administrators were correct to encash further units to ensure that the same sum as had been calculated at the valuation date was transferred to the ex-spouse’s pension arrangement, even if that resulted in a higher percentage of his cash equivalent being transferred. Martin Scott of gunnercooke LLP looks at the decision.

The Payment Systems Regulator (PSR) Panel has published its annual report for 2023/24, outlining how it has engaged with the regulator over the past year. The panel has considered matters ranging from how, when and why the PSR should communicate and who with, to the details of the authorised push payment (APP) scam reimbursement rules and the introduction of variable recurring payments. All these topics will remain on the Panel’s agenda into 2024-2025.

The Payment Systems Regulator (PSR) has published a report compiling and analysing performance data gathered from the UK’s 14 largest banking groups alongside Authorised Push Payment (APP)  scams data from platforms and services used by fraudsters to carry out APP scams. The report found that over half of all APP scams recorded in 2023 were reported by victims as originating on Meta platforms. The PSR is calling on technology, telecoms, and social media platforms to work with payment firms to close down vulnerabilities that fraudsters exploit.

The Payment Systems Regulator (PSR) has issued a Statement of Objections alleging that Mastercard, allpay, APS, Prepaid Financial Services (PFS) Limited and Sulion engaged in anti-competitive behaviour by agreeing not to compete or poach each other’s clients. Should the PSR ultimately conclude that there have been infringements, Mastercard, allpay and PFS have agreed to pay maximum fines totaling over £32m.

The Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) have jointly published their response to HM Treasury’s (HMT) consultation on consolidating the PSR’s functions into the FCA’s legislative framework. The regulators support the move, stating it will enhance regulatory coherence, streamline oversight and better serve the UK’s payments ecosystem.

The Payment Systems Regulator (PSR) has announced its plan, in its blog, to publish a consultation in April 2025 regarding the implementation of regulatory requirements for Pay.UK's reimbursement claims management system (RCMS) for APP scam claim management and data reporting. This follows the successful implementation of new authorised push payment (APP) scam protection requirements on 7 October 2024. The consultation will run for at least eight weeks, with the PSR seeking stakeholder views on potential implementation dates for any new requirements. The regulator has indicated that the earliest possible date for any confirmed requirements to come into effect is likely to be late 2025, revising previous expectations of a May 2025 implementation. The PSR emphasises the importance of stakeholder engagement throughout the consultation process to ensure the most effective outcome.

The Payment Systems Regulator (PSR) has published its 2023/24 annual report and accounts, highlighting its work on protection in payments, innovation, and competition. The report includes a progress update on its full programme of work during 2023/2024, including around digital payments, maintaining free access to cash and enforcing its powers.

HM Treasury has published the Payment Systems Regulator’s (PSR) annual report and accounts for 2024-25, summarising the PSR’s activities over the past year. Among other things, the PSR has deepened collaboration with the Financial Conduct Authority (FCA), Bank of England, and other stakeholders, laying the groundwork for its planned consolidation into the FCA. This transition aims to streamline regulation and improve efficiency while maintaining the PSR’s statutory remit until legislation is enacted.

The Payment Systems Regulator (PSR) has published a letter it sent to Pay.UK setting out the approach it will take when deciding whether to approve Pay.UK’s proposals for monitoring compliance with the Faster Payments Service (FPS) reimbursement rules for authorised push payments (APP) fraud. Pay.UK is required to provide proposals to the PSR by 5 April 2024.

The Payment Systems Regulator (PSR) has confirmed that the Faster Payments maximum reimbursement limit for victims of authorised push payment (APP) scams, starting from 7 October 2024, will be £85,000. The Bank of England (BoE) has decided that the maximum reimbursement for CHAPS will also be £85,000.

The Payment Systems Regulator (PSR) is consulting on guidance on the publication of authorised push payment (APP) scam data for the second reporting cycle (January to December 2023) by directed payment service providers (PSPs) subject to the requirement in the PSR’s Specific Direction 18. Responses to consultation paper CP24/7 are sought by 30 May 2024. Following assessment of the responses, the PSR expects to issue the final publication guidance for cycle 2 by the end of June 2024.