The Payment Systems Regulator (PSR) is consulting on a new proposed cap on the amount that payment firms will be required to reimburse authorised push payment (APP) scams. The PSR is proposing to bring the cap into line with the Financial Services Compensation Scheme (FSCS) limit, which is currently £85,000. Responses are sought by 18 September 2024. The PSR says it will consider the responses carefully and confirm its final approach before the end of September 2024. Pay.UK, which operates Faster Payments, the payment system to which the protections apply and through which most APP fraud flows, has confirmed it will be ready for implementation by 7 October 2024.

The Payment Systems Regulator (PSR) has published consultation paper CP24/3: The FPS APP scams reimbursement requirement: compliance and monitoring, which sets out proposals for all payment service providers (PSPs) in-scope of the reimbursement requirement policy to report data and information to Pay.UK, so that it can effectively monitor and manage compliance with the FPS reimbursement rules. Responses are sought by 28 May 2024.

The Payment Systems Regulator (PSR) is consulting on draft guidance setting out how it proposes to make decisions on whether to grant an extension or exemption to a specific direction or requirement. The PSR says its proposal is that the bar for granting an extension or exemption is a high one, so that all firms are incentivised to comply with its directions. Responses are sought by 3 June 2024.

The Payment Systems Regulator (PSR) has published consultation paper CP24/10 on draft guidance on supporting the identification of authorised push payment (APP) scams and civil disputes. After a series of engagement sessions with payment services providers (PSPs) and industry, the PSR says it is aware of the practical challenges industry face in distinguishing between APP scams and civil disputes. The draft guidance aims to help support PSPs in making this assessment. Responses are sought by 8 August 2024.

The Payment Systems Regulator (PSR) is consulting on a statement of policy on its use of cost benefit analyses (CBAs), which builds on and replaces the draft CBA framework the PSR published in February 2024. Responses are sought by 3 November 2024.

The Payment Systems Regulator (PSR) is consulting on revisions to Specific Directions 14, 15 and 16, which relate to the supply of card-acquiring services under the Financial Services (Banking Reform) Act 2013 (FSBRA). The PSR proposes to update the list of directed legal entities and amend the method it uses to update changes to it in future. It also proposes to add Checkout Ltd to the list of directed parties under the directions. Responses are sought by 9 February 2024.

The Payment Systems Regulator (PSR) has launched a consultation on its proposal to revoke Specific Direction 4 (SD4). The closing date for responses is 17 July 2025.

The Payment Systems Regulator (PSR) has published consultation paper CP24/8: CHAPS APP scam reimbursement requirement, proposing to direct banks and other payment firms participating in CHAPS to reimburse their customers who have been victims of authorised push payment (APP) scams. Responses are sought by 31 May 2024. After considering the responses, the PSR expects to finalise and publish the specific direction in September 2024, with a 7 October 2024 go-live date—the same as the Faster Payment Service (FPS) reimbursement policy, meaning APP scam victims will get the same protection across both payment systems.

The Payment Systems Regulator (PSR) has launched a consultation on proposed remedies following its market review into scheme and processing fees charged by Mastercard and Visa. The consultation outlines four key measures: enhanced fee transparency requirements, regulatory financial reporting, improved pricing governance, and publication of scheme information. Responses are sought by 28 May 2025. A final consultation on specific remedies will follow if the PSR decides to proceed.

The Payment Systems Regulator (PSR) has expanded the roll-out of the name-checking service, Confirmation of Payee (CoP), meaning over 99% of all transactions made through Faster Payments and CHAPS are now safeguarded by the anti-fraud measure.

The Payment Systems Regulator (PSR) has issued policy statement PS25/1, which outlines its approach to conducting cost-benefit analyses (CBAs) for regulatory interventions in the payment systems sector. The goal is to promote better outcomes for payment system users. The PSR's CBAs adhere to common principles and best practices, with methodologies tailored to specific cases based on factors such as data availability and the nature of costs and benefits. The analysis process includes identification, qualitative and quantitative assessment, and monetisation of impacts, focusing on the overall balance of impacts rather than single-point estimates. The CBA framework is designed to ensure that regulatory decisions are based on robust, evidence-based analysis, promoting better outcomes for users.

The Payment Systems Regulator (PSR) has announced that it is conducting a halfway point review of its five-year strategy launched in 2022. The PSR says it is seeking to assess its progress and determine whether its strategic outcomes and priorities remain the right ones, or whether it needs to adapt or refine them.