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FCA consultation for PSPs and EMIs on APP fraud

13 September 2024

FCA consultation for PSPs and EMIs on APP fraud

The FCA launched a consultation on guidance for Payment Service Providers (PSPs) and Electronic Money Institutions (EMIs) on APP fraud

 

The FCA is proposing changes to its Payment Services and Electronic Money Approach Document to align with forthcoming APP reimbursement rules

Amendments are proposed to the Payment Services Regulations (PSRs) 2017 which would allow PSPs to delay making a payment transaction where they have reasonable grounds to suspect fraud or dishonesty. Proposed changes to the Approach Document would explain how PSPs should apply the legislative changes to minimise the impact on legitimate payments.

🗓️ Relevant firms including PSPs and EMIs are invited to respond to the consultation by 4th October.

✅ Learn more about Plenitude’s Fraud Practice https://www.plenitudeconsulting.com/services/fraud-practice