The Payment Systems Regulator (PSR) has published policy statement PS24/4, Securing compliance: Extensions and exemptions guidance, and final guidance on the factors it uses to decide whether to grant an extension or exemption to parties affected by one of its specific directions or requirements.

The Payment Systems Regulator (PSR) has published its interim report on the market review of scheme and processing fees, which sets out its provisional concerns that Mastercard and Visa do not face effective competition when dealing with merchants and acquirers, in respect of core scheme and processing services. Responses are sought by 30 July 2024.

The Payment Systems Regulator (PSR) has published a report on latest APP scams for 2023. The PSR notes that reimbursement rates increased, while fraud values decreased. In 2023 victims reported 252,626 cases of APP scams totalling almost £341m. The PSR also reports that reimbursement for victims still depends largely on who they bank with.

The Payment Systems Regulator (PSR) has published a letter from the PSR managing director to the Bank of England’s (BoE) executive director for payments, Victoria Cleland, which outlines the ongoing cooperation and coordination between the PSR and the BoE concerning the CHAPS system. The letter details how the PSR and the BoE will share information and notify each other of changes related to the CHAPS reimbursement requirement. The BoE's CHAPS Reference Manual (CRM) sets out obligations for direct participants, forming the legal basis for CHAPS operation. The PSR and the BoE will continue to cooperate on updates to ensure effective policy implementation. The letter also includes principles for cooperation, information sharing, and working arrangements to support the CHAPS reimbursement requirement.

The Payment Systems Regulator (PSR) has published a list of payment service providers (PSPs) that participate in the Faster Payments Scheme (FPS), and therefore may fall in scope of Specific Direction 20 (SD20) (Faster Payments APP scam reimbursement requirement).

The Payment Systems Regulator (PSR) has published its first annual review of the Authorised Push Payment (APP) reimbursement requirement, reporting significant improvements in consumer protection and fraud prevention. In the first nine months, £112m was reimbursed, with 97% of claims resolved within 35 days and 84% within five business days, while reimbursement rates for APP scams rose to 88%, up from 66% the previous year. Claim volumes fell by approximately 15% to 126,000, indicating that firms are increasingly preventing fraud before it occurs. Findings from the PSR’s APP fraud survey showed that reimbursement enhances trust in banks, though awareness of the policy remains low, with 71% of victims unaware of their rights. Purchase fraud accounted for nearly 60% of cases, alongside rising delivery, impersonation, and charity fraud.

The Payment Systems Regulator (PSR) has published policy statement PS24/7 Faster Payments APP scams reimbursement requirement: Confirming the maximum level of reimbursement, which sets out the PSR’s reimbursement requirement and follows the PSR’s recent announcement confirming its decision to reduce the maximum level that payment services providers (PSPs) will have to reimburse victims of Faster Payments APP scams to £85,000 per claim, from 7 October 2024.

The Payment Systems Regulator (PSR) has published policy statement PS24/2, APP scams measure 1 cycle 2 consultation response and policy statement, explaining the content that must be included as part of the PS23/1 collection and publication of performance data requirement, the format that must be used, and the timescales that must be followed. The guidance is for directed payment services providers (PSPs) that must publish authorised push payment (APP) fraud data under the PSR’s Specific Direction 18. The PSR has also published PS24/3, FPS APP scams reimbursement compliance and monitoring, confirming the PSR’s requirement that all in-scope PSPs must report data and information to Pay.UK, so that it can effectively monitor and manage compliance with the Faster Payments Scheme (FPS) reimbursement rules.

The Payment Systems Regulator (PSR) has published a report by Axiom Economics examining how behavioural economics can help understand and prevent Authorised Push Payment (APP) fraud and guide the design of effective interventions.

The Payment Systems Regulator (PSR) has published research revealing the emotional and financial toll of authorised push payment (APP) fraud on UK consumers. The PSR has taken several actions to combat fraud, including mandatory reimbursement requirements for payment firms, increased transparency through data sharing, and promoting the widespread rollout of anti-fraud tools like Confirmation of Payee, now covering over 99% of UK payments.

The Payment Systems Regulator (PSR) has published a letter dated 16 January 2025 from its managing director, David Geale, responding to a letter from the prime minister, Rt Hon Keir Starmer MP, the chancellor of the exchequer, and the secretary of state for business and trade dated 24 December 2024. The PSR outlines its commitment to supporting economic growth through its regulatory activities. The letter highlights the PSR's existing and planned initiatives to promote competition, innovation, and consumer trust in the payments sector. It details five key areas of focus for 2025: regulatory efficiency, innovation encouragement, addressing card fees, upgrading payments infrastructure, and advancing open banking.

The Payment Systems Regulator (PSR) has published the second Annual Review of Specific Direction 12 (SD12). The second review looked at how well SD12 is working and how it aligns with the changes to the access to cash regulatory framework introduced in Financial Services and Markets Act 2023. It was concluded that although SD12 has been working well, the PSR will retire SD12 when it expires in January 2025.