Tag Archives: PSR

PSR update on authorised push payment scams and reimbursement model consultation

The Payment Systems Regulator (PSR) has provided an update on progress in relation to authorised push payment (APP) scams, where fraudsters trick customers into instructing their banks to make a payment to what the customer believes is a legitimate account. Following a Which? super-complaint in September 2016, PSR, FCA and the payments industry developed a work […]

PSR updates on payment scam work

PSR published its initial findings following its investigation into authorised push payment scams at the end of 2016. It plans to publish a progress report in November, with its thoughts on the next steps.

PSR publishes consultation on Direct Debit Facilities Management: Switching providers

The Payment Systems Regulator has published its Consultation on provisional conclusions and proposals to change the Direct Debit rules relating to the switching of Facilities Management providers. Organisations wishing to collect money from their customers via Direct Debit (such as charities and local councils) must be approved, or ‘sponsored’, by a bank or building society […]

Payments strategy forum releases its consultation on the blueprint for the future of UK payments

The Forum has published its Blueprint for the Future of UK Payments for public consultation until 22nd September 2017. The Consultation is an opportunity for everyone to have their say on the detailed design for the New Payments Architecture (NPA) and the future of payments in the UK. The Forum is hosting a Consultation Briefing Session […]

PSR publishes annual report

The PSR’s annual report, its third, highlights how the past year has enabled it to focus on its initial foundations, and address issues so increasing numbers of new organisations are joining payment systems. It notes the infrastructure market review and PSR’s work to make access to current payment systems easier. PSR also highlights the falling […]

John Griffith – Jones leaving the FCA

John Griffith – Jones has confirmed that he will leave both the FCA and the PSR at the end of his term of office on 31 March 2018.

PSR publishes contactless mobile payments page

The PSR has published a new webpage explaining the work it is doing on contactless mobile payments. It says it has noted how the growth in this type of payment could affect its statutory objectives and will publish an update in the autumn to outline the work it has done better to understand the issues […]

FCA makes new rules

FCA made several changes to its rulebook at its Board Meeting on 30 March. Key changes include: changes to fees relating to the FOS and periodic fees for exchanges and benchmark administrators; changes to the FSCS management expenses levy limit; implementing the policy proposal for PSR fees; allowing FCA to set fees relating to MiFID […]

PSR publishes terms of reference for its role in preventing and responding to push-payment scams

Today, the payment systems regulator published its final terms of reference PSR will consider whether it would be effective and proportionate for operators of push payment systems to play a greater role in preventing and responding to APP scams (and possibly wider fraud). The expanded role might be in the form of actions that the […]

FCA to tackle contactless card fraud

John Griffith-Jones, Chairman of FCA and Payment Systems Regulator, has written to Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, about contactless card fraud. In 2015 there was £2.5m of reported contactless fraud, out of £7.75bn of contactless transactions. In his letter, Griffith-Jones highlights the key risk as merchants who process payments ‘offline’ (ie batch […]