This consultation closed on 12 September 2023, and we have published our response.
In June 2023, we published our policy statement outlining our new authorised push payment (APP) fraud reimbursement requirement. It sets out a path to reducing the impact of this type of fraud – by making sure more victims of fraud get their money back, but also by prompting a step change in fraud prevention.
Why we are publishing this document and what it contains
We have published our consultation on the value of the excess and maximum reimbursement level for Faster Payments and we are also asking questions on the topic of a maximum reimbursement level for CHAPS on behalf of the Bank of England.
This document explains the options we propose for the excess and maximum level of reimbursement and the application of the latter to vulnerable customers.
We have also published our consultation on the Customer Standard of Caution (gross negligence) and the Customer Standard of caution guidance for PSPs.
Who should read this document
This document is relevant to the payments industry, consumer groups, payment service providers, and prospective qualifying customers who use Authorised Push Payments to send money and will be within scope of the policy, once implemented.