The UK’s Payment Systems Regulator (PSR) says international banking bodies in countries including Australia and EU states are monitoring the UK’s pioneering consumer protection regulation covering authorised push payment (APP) fraud. The regulator says the UK is leading the charge globally in tackling the problem.
The PSR’s regulation, which comes into effect on October 7 this year, will enforce an upper claim limit of £415,000 for APP fraud compensation, matching the upper limit of the Financial Ombudsman Service. All UK banks are preparing for the new requirement, according to the regulator, with TSB already reimbursing 91% APP fraud losses by monetary value and 94% of all such cases.
