Navigating the Changing Tides: The Evolution of PSR Regulations in 2023
In 2023, the Payment System Regulator (PSR) made strides against rising Authorised Push Payment (APP) fraud. The legislation mandated 100% reimbursement, shared between banks. The UK government's three-pillar strategy aimed at pursuing fraudsters, blocking fraud, and empowering individuals. June saw additions to Faster Payment rules and the introduction of Confirmation of Payer. Seeking industry input in August on reimbursement limits showcased PSR's commitment to collaboration. Adjusting timelines to October 2024 reflected responsiveness to industry feedback, emphasising a proactive and adaptable regulatory landscape, and shaping a more secure financial future.