UK Draft Payment Services (Amendment) Regulations 2024 Published

HM Treasury has published a final draft version of the Payment Services (Amendment) Regulations 2024, enhancing efforts to address authorized push payment fraud. The draft Regulations amend regulation 86 of the Payment Services Regulations which require payment service providers to execute payment transactions within maximum time limits. The amendments give a payer's PSP the ability to delay the execution of certain payment orders where, within a specified time, provided the PSP establishes reasonable grounds to suspect the order has been made subsequent to fraud or dishonesty perpetrated by a third party (which may include the payee). The purpose of the delay is to enable the PSP to determine whether the order should be executed and must not exceed a specified time limit. Where the PSP exercises the ability to delay, the PSP will be liable for any charges or interest incurred by the payer resulting from the delay. The legislation is due to be laid before parliament shortly after the government's return from conference recess.

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