This chapter provides an overview of the feedback we received on our proposals and our analysis of it. We have made a carefully balanced decision that:
• from the policy start date of 7 October 2024, the maximum level of reimbursement per Faster Payments APP scam claim is £85,000. PSPs may choose to reimburse consumers above that level, and any such reimbursement would be considered a voluntary reimbursement, as per paragraph 4.6 of Specific Requirement 1 (SR1)
• we will keep the maximum level under review and consider it as part of our evaluation of the reimbursement requirements as a whole package, after the policy has been in place for 12 months.
The Bank is responsible for setting the maximum level of reimbursement for CHAPS. It has decided to align the maximum level for CHAPS with Faster Payments. The maximum level of reimbursement for both systems will therefore be £85,000 per claim.