Specific Direction 20 Reimbursement Requirement To Directed Psps Dec 2023

APP scams reimbursement: SD20 on PSPs

19/12/2023 Size: 249.3 KB APP scams


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This contains the APP scams reimbursement requirement and directs in scope PSPs to comply with the reimbursement rules.  

Specific Direction 20 (SD20) applies to all PSPs participating in the Faster Payments Scheme that provide relevant accounts. Relevant accounts are those provided to a service user, that are held in the UK and can send or receive payments using the Faster Payments Scheme but excludes accounts provided by credit unions, municipal banks and national savings banks. There are no exemptions from this obligation based on business or firm type.  

In SD20, we place an obligation on indirect access providers (IAPs). It requires all IAPs (both directly connected and indirectly connected) to send us a complete list of all their indirect PSP customers for the previous calendar year by 31 March each year. To help simplify the process, we have published a template below, which IAPs may choose to use, to report this information to us.  

This information should be provided to appscams@psr.org.uk no later than 31 March 2024.

Please note, we also use this template in information requests issued under section 81 of the Financial Services (Banking Reform) Act 2023 (FSBRA). If you receive one of these requests, you must fill in the template contained in the request. You do not need to supply this information separately.

 

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