Whereas:
1.1 Authorised push payment (APP) scams happen when a person uses a fraudulent or dishonest course of conduct to manipulate, deceive or persuade someone to send money to an account outside of their control.
1.2 The Financial Services and Markets Act 2023 (FSMA 2023) amends regulation 90 of the Payment Services Regulations 2017 to provide that it does not affect the liability of a payment service provider (PSP) under a relevant requirement imposed by the PSR in a case where a payment order is executed subsequent to fraud or dishonesty.
1.3 The PSR has previously implemented a policy that requires APP scam victims to be reimbursed by the sending PSP where payments are made over the Faster Payments Scheme. This is known as the FPS reimbursement requirement.
1.4 Following publication by the PSR of its policy on the FPS reimbursement requirement, the Bank of England announced its intention, as the operator of the CHAPS payment system, for comparable protections to be implemented fo
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