PSR Consultation on Compliance under the APP Reimbursement Requirement
The Payment Systems Regulator (PSR) published a consultation on proposed compliance and monitoring obligations for firms under the forthcoming APP reimbursement requirement.
The consultation sets out the PSR’s proposals for all PSPs in-scope of the reimbursement requirement policy to report data and information to Pay.UK, which will be responsible for overseeing firms’ compliance with the reimbursement rules in force from 7th October 2024.
Feedback is invited on:
Various proposals including registration, data reporting, and record-keeping requirements for PSPs;
Proposed amendments to the Faster Payments APP scams legal instruments;
Draft compliance data reporting guidance; and
Draft cost benefit analysis.
Stakeholders are invited to respond to the consultation by 28 May 2024.
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