Member

The noble Lord, Lord Vaux, asked about the mandatory reimbursement requirement. The Bill provides for the PSR’s requirement to transfer to the FCA once the consolidation is complete. Firms will therefore continue to be responsible for reimbursing victims of APP fraud once the PSR’s functions are consolidated into the FCA. The FCA will be able to make further rules regarding APP reimbursement. The PSR has also commissioned an independent review of the reimbursement requirement, the results of which will be published shortly.