We have carried out a significant amount of work to prevent APP scams since 2016. A history of this work can be found below.
April
We have required Pay.UK as the payment system operator to effectively monitor PSP compliance with the Faster Payments rules. To do this, Pay.UK will need to collect data and information from in-scope PSPs. We are consulting on the data and information directed PSPs must make available to Pay.UK . The PSR will also be supporting Pay.UK in carrying out this compliance monitoring and management role.
December
We set out the final detailed parameters of our reimbursement requirement, as well as the legal instruments we are using to implement the policy. We also confirmed the policy start date of 7 October 2024.
We published finalised cycle 2 APP fraud data reporting guidance for PSPs.
October
We published our first APP scams performance data report showing how well payment firms treat victims of APP scams.
September
We published a consultation on the proposed specific direction that will underpin the Faster Payments reimbursement rules.
We published a consultation on timings and reporting periods for cycle 2 of APP fraud performance data.
August
We published a consultation on revised reporting guidance for cycle 2 of APP fraud performance data.
We published two consultations - one on the maximum level of APP fraud reimbursement and claim excess, and the other on the consumer standard of caution.
July
We published our consultation on two of our draft directions, which are the legal means to put our new APP fraud reimbursement requirements in place.
June
We confirmed new requirements for banks and payment companies that will ensure more people than ever before will get their money back if they are a victim of APP fraud; prompting more action to prevent these frauds from happening in the first place.
March
We directed 14 of the largest UK PSP groups to collect and provide us with data on their APP scam performance, which will, for the first time, show how well payment firms are handling APP scams.
February
We launched a consultation seeking views on guidance for PSPs who will have to publish data on their performance on APP scams. This will be a requirement of the specific direction that we plan to publish in March 2023.
December
We launched a consultation seeking views on the way data showing how well firms are protecting customers against APP scams will be collected and published.
October
We directed around 400 more financial firms to provide CoP. This will see nearly all transactions made via Faster Payments (FPS) and CHAPS covered by CoP by October 2024.
September
We made clear that we're going further in fighting APP fraud, by setting out specific proposals around mandatory reimbursement for victims.
May
We announced our plans that will see around 400 more financial firms provide Confirmation of Payee (CoP). We also varied SD11 (SD11a), which will require Pay.UK to ensure the closure of the Phase 1 technical environment by 30 June 2022 rather than 31 May 2022.
February
We confirmed and published a new rule to ensure that the technical and system requirements for the second phase of Confirmation of Payee will be implemented by 31st May 2022. We did this by issuing Specific Direction 11 (SD11).
December
We outlined our proposal to ease the transition into the second phase of Confirmation of Payee.
November
We consulted on a package of proposals to tackle APP scams, including publication of fraud data by banks and improving intelligence sharing to enhance scam detection and prevention. HMT also announced that legislative changes would be made by Government to allow us to require banks to provide mandatory reimbursement to victims.
October
Following our call for views, we outlined our next steps to achieve wider implementation of Confirmation of Payee (CoP). These proposed plans required the transition of CoP to a single technical environment, aiming to extend the benefits of CoP to other account types, i.e. ones that do not use unique sort codes and account numbers, but instead use secondary reference data (for example, building societies using roll numbers).
We also provided an update on our APP scams work.
May
We published a call for views on the second phase of delivering Confirmation of Payee, to allow more banks and building societies to offer the vital service.
February
We published a call for views looking at measures to further prevent APP scams and protect customers who do fall victim.
January
We published a further thought piece from our Head of Policy, Genevieve Marjoribanks, looking at APP scams and the protections available in interbank payments.
August
We published a thought piece from our Head of Policy, Genevieve Marjoribanks, looking at getting the right outcomes for victims of APP scams.
1 July
We confirmed widespread coverage of Confirmation of Payee across the directed parties under Specific Direction 10.
30 June
This date marked the end of the forbearance period for implementation of Confirmation of Payee.
31 March
This date marked the deadline under Specific Direction 10 by which directed PSPs must be able to send and receive CoP requests.
30 March
We held a roundtable with representatives of the payments industry to discuss the progress being made on tackling APP scams and the next steps needed to improve outcomes.
20 March
In light of COVID-19, we announced forbearance under Specific Direction 10,
allowing directed PSPs to delay implementation of CoP up to 30 June, as long as they continued to take appropriate steps to implement and ensured victims of APP scams were not disadvantaged by any delay.
February
We published the response to our January 2020 consultation and the varied Specific Direction 10.
January
We consulted on our proposal to vary Specific Direction 10 to include an additional clause to allow for exemption applications other than in ‘exceptional circumstances’, as described in the original direction.
31 December
This date marked the deadline under Specific Direction 10 by which directed PSPs must respond to CoP requests.
August
We issued Specific Direction 10, directing members of the UK’s six largest banking groups to fully implement Confirmation of Payee by 31 March 2020.
28 May
We welcomed the CRM Code coming into force with eight signatories, representing 17 bank brands improving protection for APP scam victims.
May
We published our response to the November 2018 consultation, and a further consultation on our draft specific direction for the implementation of Confirmation of Payee.
February
The final CRM Code was agreed and published by the APP Scams Steering Group, marking a significant step in protecting people from APP scams.
November
We published our consultation on potential general directions for the implementation of Confirmation of Payee.
September
The APP Scams Steering Group published the draft CRM Code consultation.
March
We set up the APP Scams Steering Group, made up of industry and consumer representatives, to develop the Contingent Reimbursement Model (CRM) Code.
February
We published the outcome of our consultation on the development of a contingent reimbursement model, outlining our intention to set up a steering group to design and implement an industry code for reimbursement of APP scam victims.
November
We published a paper explaining the work that we, the FCA and the payments industry had done in the last year to reduce the harm to consumers from APP scams. This included a consultation on a contingent reimbursement model.
May
We issued our Call for Input asking for views from PSPs to help inform our work on authorised push payment scams.
February
We published our consultation on the draft Terms of Reference explaining how we intended to consider the potential for payment system operators (PSOs) to play a role in minimising consumer harm caused by APP scams.
December
We published our formal response to the super-complaint, setting out our main findings and next steps.
September
Which? submitted its super-complaint to the PSR, calling for banks to better protect customers who are tricked into transferring money to a fraudster.