Tagged: psr

ClearBank Comments on APP Fraud Reimburse

As was reported earlier, the Payment Systems Regulator (PSR) has decided to review the reimbursement cap on App fraud with the intent to set it at £85,00. This has been widely embraced by the payments sector as previously the reimbursement cap was expected to be… Read More

PSR Updates on App Scam Protections, Adjusts Reimbursement Limit

The UK Payment Systems Regulator (PSR) has updated the status of APP scam protections. APP scams incorporate digital fraud, where users of financial or transactional Apps send money to bogus sites or fraudsters.  The PSR says that in 2023, there were over 250,000 cases of… Read More

Mangopay Executive Comments on APP Fraud Regulation, Expect More Claims from Consumers

According to the UK Payment Systems Regulator (PSR), in 2023, approximately 4.5 billion transactions were made using the Faster Payments system. At the same time, over 252,626 cases of APP Fraud (APPF or authorized push payment fraud) were reported, totaling around £341 million. Other reports… Read More

UK FCA, PSR Seek Feedback on Digital Wallets

The UK Financial Conduct Authority (FCA), along with the Payments Systems Regulator (PSR), are seeking feedback on the rise and use of digital wallets. Today, digital wallets are ubiquitous. From smartphone-based applications to hybrid crypto wallets, the use of physical cash is on the decline. Regulators… Read More

UK Payment Systems Regulator Appoints Interim MD, Payments Association Calls for Immediate Changes in Strategy

Last week, Chris Hemsley announced his exit as Managing Director of the Payment Systems Regulator (PSR). Replacing Hemsley is Interim Managing Director David Geale, who takes over today (June 10th). The PSR said that Hemsley was leaving the agency to become a director with Fingleton,… Read More

UK’s Payment Systems Regulator (PSR) Appoints David Geale as Interim MD

The UK’s Payment Systems Regulator (PSR) has announced recently that David Geale has been appointed Interim Managing Director of the PSR with effect from 10 June. The interim appointment will be for a period of nine months. David joins the PSR from the FCA where… Read More

UK Payment Systems Regulator Determines Mastercard and Visa Do Not Have Enough Competition

Today, the UK Payment Systems Regulator (PSR) has decided that cards do not face effective competition. The PSR states that it has “provisionally” determined there is not enough competition in the supply of scheme and processing services to acquirers. Additionally, pricing is complicated, having risen… Read More

UK’s PSR Is Proposing to Direct Payments Services Providers Participating in CHAPS to Reimburse Victims of APP Scams

The Payment Systems Regulator (PSR) is proposing to direct banks and other payment firms participating in CHAPS to reimburse their customers who have been victims of authorised push payment (APP) scams. The PSR’s direction will underpin the Bank of England’s new CHAPS reimbursement rules. In… Read More

UK’s Payment Systems Regulator Confirms Reimbursement Requirement which will Prompt Step-Change in Fraud Prevention

Following consultations over the last few months, the UK’s Payment Systems Regulator regulator confirms its new reimbursement requirement which will “prompt a step-change in fraud prevention and see the vast majority of money lost to APP frauds reimbursed to victims.” The policy statement confirms “that… Read More

UK’s Payment Systems Regulator (PSR) Seeks Views on APP Fraud Reimbursement Limit

The Payment Systems Regulator (PSR) has launched two consultations in the lead up “to the implementation of its new authorised push payment (APP) fraud reimbursement requirements. ” In June, the PSR set out its final position on “tackling APP fraud, which will mean the vast… Read More

Fintech Industry Experts Share Analysis of Proposed PSD3, Payment Services Regulation (PSR)

In the evolving landscape of European financial regulations, it is crucial for businesses and stakeholders “to stay informed about the latest developments,” according to a report by the law firm of Bird & Bird. The EU proposals, or the Financial data access and payments package,… Read More

UK Payment Systems Regulator (PSR) Sets Out Details for Work on Card Fees

The Payment Systems Regulator (PSR) in the UK has set out its plans showing how it proposes “to carry out two market reviews focusing on card fees.” As noted in the update from PSR, one “looks at scheme and processing fees, and the other at… Read More

UK’s Payment Systems Regulator (PSR) Is Looking into Fees Charged by Visa, Mastercard, Others

The UK’s Payment Systems Regulator (PSR) has reportedly put the card schemes on notice that it is looking into their fees and how to assist merchants with entering better deals, including by promoting the alternative of account-to-account payments. While sharing its plans for 2022/23, the… Read More

UK CMA Outlines Next Steps for Open Banking Mission

  The UK Competition and Markets Authority (CMA) has issued a statement outlining its recommendations regarding the pursuit of Open Banking. The statement follows a consultation that was initiated in the spring of 2021. The CMA said its recommendations will guide a future entity that… Read More

UK Fintech Firms Received More Investments than Europe, MENA Combined in Past Year: Report

February has seen “a number of regulatory updates,” as well as more reports of growth within the UK Fintech sector, the team at Banking Circle noted. At Banking Circle, they released their new whitepaper, ‘Payments without Barriers: Focus on Denmark’, examining “the potential from improved… Read More

UK Announces Interim Chairs of Financial Conduct Authority and Payment Systems Regulator

HM Treasury, which is the UK government’s economic and finance ministry (maintaining control over public spending, setting the direction of the nation’s economic policy and working to achieve strong and sustainable economic growth), announced that they have begun the search for a new Chairperson of… Read More

UK’s PSR Releases Remedies Consultation for its Card-Acquiring Market Review

The UK’s Payment Systems Regulator (PSR) has released its initial remedies consultation for its card-acquiring market review. Each time a consumer carries out a card payment – for instance, when purchasing their weekly groceries – the merchant makes use of card-acquiring services to take the… Read More

Cash Still King? UK FCA Says 5 Million Still Count on Cash for Majority of Transactions

In a digital world, physical cash still counts. A lot, according to UK regulators. A speech delivered today by Sheldon Mills, Executive Director for Consumers and Competition at the Financial Conduct Authority (FCA), he revealed that 5 million individuals still count on the pound sterling… Read More

Payment Systems Regulator in the UK Provisionally Finds Five Service Providers Violated the Law by Engaging in “Cartel Behavior” in the Pre-Paid Cards Sector

The Payments Systems Regulator (PSR) in the UK stated on March 31, 2021 that it “provisionally” finds five firms violated the law by “engaging in cartel behavior” in the pre-paid cards market. As stated in a release, three out of five parties actually admitted liability… Read More

FCA Chairman John Griffith-Jones Confirms Departure in 2018

The Chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) John Griffith-Jones has confirmed his intent to depart both agencies at the end of his term in March 2018.  Griffith-Jones was appointed as the first FCA Chair in 2013, He became Chair… Read More

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