Payments regulator in Treasury crosshairs as firms revolt Banking As the government hunts for ways to make Britain more competitive, the country's payments regulator has become caught in the crosshairs.
Regulator set to limit card fees after Visa and Mastercard price hikes Banking The UK’s payments regulator has confirmed plans to introduce price caps on card fees paid by British merchants when European consumers make online purchases, after Visa and Mastercard hiked prices post-Brexit. After proposing some restrictions a year ago, the Payment Systems Regulator (PSR) is moving ahead with a consultation to decide at what level they [...]
Complaints about banks’ handling of fraud hit record high Banking Official complaints about banks' handling of fraud have hit a quarterly record as the sector comes under new rules to reimburse scam victims.
UK launches world-first bank transfer fraud refund scheme October 7, 2024 As of Monday, the Payment Systems Regulator is requiring more than 1,500 banks, fintechs and other payment firms to reimburse victims of authorised push payment fraud up to a limit of £85,000 per claim.
Regulator confirms U-turn on maximum amount banks must refund fraud victims September 25, 2024 The UK’s payments regulator has confirmed an last-minute U-turn on the maximum amount banks and fintechs will have to reimburse fraud victims under a new regime, after heavy industry lobbying and pressure from ministers.
Cutting bank transfer fraud refund limit not enough, industry warns regulator September 4, 2024 The UK’s payments regulator is under pressure to U-turn on a controversial fraud reimbursement scheme after confirming it would look at scaling back the measures.
UK regulator set to cut fraud refund limit but sticks by deadline for controversial rules September 4, 2024 The UK’s payments regulator is poised to lower the maximum amount banks and fintechs would have to reimburse fraud victims under a new regime, but stuck by its October implementation date despite mounting pressure. In their current form, new rules from the Payment Systems Regulator (PSR) are due to force banks and fintechs to reimburse [...]
Banks’ fraud loss coverage reportedly to drop to £85,000 after industry backlash September 3, 2024 The maximum fraud losses banks are obliged to cover is set to drop to £85,000, down from a planned £415,000, according to a report.
Treasury and FCA worried by payments regulator’s fraud refund scheme August 22, 2024 The government and City watchdog have raised concerns over a fraud refund scheme from the UK payments regulator that firms have warned could do long-lasting damage to the industry, City A.M. understands.
Exclusive: Criminals eye windfall from UK regulator’s controversial fraud refund plan August 16, 2024 Criminals are making plans to exploit incoming fraud refund rules from the UK payments regulator, City A.M. has learnt, as banks and fintechs warn of harm to consumers if the measures come into force unaltered.