All the updated news related to payment system regulator

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Personal Finance

Banks’ customers will have greater protections from APP scams under proposals

Banks and building societies will have stronger incentives to prevent scams happening in the first place, as well as having to reimburse victims who have been tricked into transferring money to a fraudster, under a regulator’s proposals. The Payment ...

29 Sept 2022 at 01:01

City

Mastercard and others fined for cartel behaviour in prepaid cards market

Five companies including Mastercard have been handed fines totalling more than £33 million for infringing competition law in relation to Britain’s prepaid cards market. The Payment Systems Regulator (PSR) said it had concluded that the companies ...

18 Jan 2022 at 14:25

Personal Finance

New fraud refund mechanism could exclude a quarter of victims, TSB warns

TSB is urging a regulator to reconsider proposals which could mean one in four people who are tricked into transferring money to a fraudster being denied their money back. The bank said the Payment Systems Regulator (PSR) should reconsider the ...

07 Jan 2023 at 00:01

City

Vacancies remain at City watchdog despite hiring spree

The City watchdog managed to fill more than 100 vacancies during the summer and autumn, but one in 10 positions still remain empty, new figures show. Data released by the Financial Conduct Authority (FCA) in response to a Freedom of ...

11 Jan 2023 at 15:37

Personal Finance

Service to help prevent payments being misdirected notches up two billion checks

A name-matching service which helps to stop people mistakenly sending payments to the wrong person or a scammer has reached the milestone of two billion checks having been carried out, according to payments operator Pay.UK. ...

08 Apr 2024 at 11:29

Personal Finance

Views sought on later ‘go-live’ date for mandatory reimbursement of scam victims

The “go-live” date for new mandatory reimbursement rules in cases where people are tricked into transferring money to fraudsters could be pushed back by around six months. The Payment Systems Regulator (PSR) previously ...

28 Sept 2023 at 15:41

Banks given extra time to ‘break the spell’ of scammers before sending payments

Payment service providers such as banks will be given more time to contact customers, police and others when they have reasonable grounds to suspect fraud before they send a payment, under draft legislation published ...

12 Mar 2024 at 16:36

Personal Finance

Banks’ performance in dealing with APP scam victims revealed by regulator

A regulator has revealed the performance of individual banks in tackling authorised push payment (APP) scams and how they treated those who fell victim in 2022. To help improve transparency for consumers, the ...

31 Oct 2023 at 10:23

Personal Finance

New requirements to reimburse victims of bank transfer scams set out

People who have been tricked into transferring money to fraudsters will be able to receive up to £415,000 back per claim under new requirements coming into force next year, a regulator has confirmed. The ...

21 Dec 2023 at 14:34

City

Mastercard and Visa face cross-border fee caps after ‘unduly high’ increases

Mastercard and Visa look set to face a cap on their cross-border interchange fees after Britain’s payment watchdog raised concerns that they have increased charges to “an unduly high level”. The Payment ...

15 Dec 2023 at 10:11

Personal Finance

People will be able to see their own bank’s performance on bank transfer scams

People will be able to see how well their bank or building society might treat them if they were tricked into transferring money to a fraudster, under a regulator’s plans. The Payment Systems Regulator ...

09 Feb 2023 at 10:46

Personal Finance

Plans to reimburse bank transfer scam victims are flawed – Treasury Committee

Proposals to reimburse victims of bank transfer scams are fundamentally flawed, according to the Treasury Committee. The Government has previously said the Payment Systems Regulator (PSR) will be able ...

06 Feb 2023 at 00:01

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