Changes to our Payment Services and Electronic Money Approach Document to support new legislation tackling authorised push payment (APP) fraud.
Why we’re issuing this guidance
On 30 October 2024, the Payment Services (Amendment) Regulations 2024 came into force. This made changes to the Payment Services Regulations 2017 to extend the amount of time that a Payment Service Provider (PSP) has to process an outbound payment when there are reasonable grounds to suspect fraud or dishonesty. To support these regulations, the Treasury asked the FCA to issue guidance to explain how we expected PSPs to apply these legislative changes, taking into account feedback from stakeholders.
In GC24/5, we consulted on adding this guidance to our Approach Document, together with guidance on delaying inbound payments where a PSP suspects fraud.
Following consultation feedback, we are publishing this final guidance setting out:
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the requirements for delaying outbound payments and determining wheth