Member

Finally, I come to Amendments 47 and 59, tabled by the noble Lord, Lord Vaux, on authorised push payment fraud reimbursement and the PSR’s fraud performance data publications. Since 2024, the PSR has required that all in-scope payment system providers must reimburse victims of APP scams within five business days, and up to the value of £85,000 where these scams take place over the faster payments system, subject to specified exemptions. The Bank of England has introduced equivalent requirements for CHAPS.