The Payment Systems Regulator (PSR) has published its final policy decisions, setting out next steps and requirements in the PSR's work to tackle Authorised Push Payment (APP) scams.
The policy statement confirms that the maximum level of reimbursement per claim will be set at £415,000, and that this applies to all consumers. The PSR also confirms that 'sending' payment firms can apply a claim excess of up to £100 if they choose to, but this does not include claims made by vulnerable consumers.
The PSR makes clear that consumers 'still need to take care when making payments' and has set out the circumstances when banks 'might reasonably consider a person has not been sufficiently careful.' However, the onus will be on the bank or payment service provider to prove that a person has acted with gross negligence.
The PSR has also confirmed the policy start date of 7 October 2024.
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