The U.K. Payment Systems Regulator (PSR) has introduced significant changes to the U.K. payments landscape. The recently introduced mandatory reimbursement regime  (the Scheme) allows victims of “authorized push payment” (APP) fraud to reclaim fraudulently transferred funds from the sending payment system provider (PSP) that pro- cessed the payment unless certain limited defenses apply. This novel Scheme, which is unique globally, aims to redistribute the burden for fraud between PSPs and consumers, encourage PSPs to introduce greater measures to tackle fraud, and curtail disputes in this area. Piers Reynolds and Laura Feldman have published an article on developments with the Scheme; it assesses its operation to date, explores potential difficulties, and concludes with practical guidance for PSPs managing the new measures.

This article was first published in the inaugural edition of the Journal of Financial Services in September 2025 available here.