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We’re consulting on changes to our Payment Services and Electronic Money Approach Document to support new legislation to tackle authorised push payment (APP) fraud.
Why we're consulting
The Treasury has proposed amendments to the Payment Services Regulations (PSRs 2017) to enable Payment Service Providers (PSPs) to delay making a payment transaction where they have reasonable grounds to suspect fraud or dishonesty.
The policy aims to increase firms’ ability to tackle APP fraud while minimising the impact on legitimate payments.
To support this policy, we’re proposing changes to the guidance in our Payment Services and Electronic Money – Our Approach (Approach Document) to explain how PSPs should apply the legislative changes to minimise the impact on legitimate payments.
We’re also consulting on changes to the Approach Document, which explain how we expect PSPs to address suspicious inbound payments while continuing to proce
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