Following consultation, the PSR has published a tracked and final version Specific Direction 21 which now applies to all PSPs participating in CHAPS that provide relevant accounts – which are defined as all accounts provided to a service user that are held in the UK and can send or receive payments using CHAPS. There are no exemptions based on business or firm type, but accounts provided by credit unions, municipal banks, FMIs and national savings banks are excluded.
The SD requires in-scope PSPs to reimburse CHAPS APP scam payments and comply with the CHAPS reimbursement rules, and mirrors the requirements on FPS participants set out in SD20. The requirement comes into force on 7 October in line with the BoE CHAPS reimbursement rules and the PSRs FPS rules, and requires all in-scope PSPs to register in line with the CHAPS reimbursement requirements by that date (unless already registered with Pay.UK in line with SD20).