UK Payment Systems Regulator Confirms Maximum Reimbursement Limit for Authorized Push Payment Scams Reimbursement

On 25 September, the U.K. Payment Systems Regulator confirmed that the maximum reimbursement limit for victims of Faster Payments Authorized Push Payment scams will be £85,000. The PSR began consulting on reducing the reimbursement limit earlier in September. The PSR will publish a final policy statement to explain the reasoning for the decision next week. The Bank of England, as the operator of CHAPS, has also decided that the maximum reimbursement for CHAPS will be £85,000. In making this decision, the BoE has given weight to the benefits to industry and consumers of having consistency of limits across the two payment systems. The BoE is committed to reviewing this limit within 12 months.

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