In PS23/3: Fighting authorised push payment fraud: a new reimbursement requirement the PSR set out its view that Pay.UK is the appropriate body to monitor compliance with the FPS reimbursement rules. In December 2023, we published our final policy statement PS23/4 APP scams reimbursement policy statement and three legal instruments. One of these, Specific Direction 19, requires Pay.UK to prepare proposals for monitoring compliance with the FPS reimbursement rules.

The PSR’s letter to Pay.UK sets out the approach the PSR will take when deciding whether to approve the Pay.UK monitoring proposals. Pay.UK is required to provide proposals to the PSR by 5 April 2024. Alongside clarifying our requirements on Pay.UK, publishing this information will support industry to engage effectively with Pay.UK’s proposals.

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