Tagged: psr

March 28, 2026 @ 2:09 pm By Omar Faridi  |  

The UK’s Payment Systems Regulator (PSR) has outlined an agenda for the 2026/27 financial year, prioritizing reductions in excessive card charges, robust safeguards against authorized push payment (APP) fraud, and broader advancements in competition and innovation within the UK’s payment systems. Released on 26 March… Read More

February 21, 2026 @ 11:24 am By Omar Faridi  |  

The Payment Systems Regulator (PSR) has imposed a £3,779,300 fine on Bank of Ireland UK (BOIUK), the UK subsidiary of Bank of Ireland, for a significant delay in rolling out Confirmation of Payee (CoP), a key anti-fraud measure in the UK’s payment ecosystem. Confirmation of… Read More

December 28, 2025 @ 8:12 am By Omar Faridi  |  

The Payment Systems Regulator (PSR) has set out changes that will give businesses more information on the card payment fees they pay. This follows its market review, which found that Mastercard and Visa don’t face competition due to rising fees and a lack of clarity… Read More

October 7, 2025 @ 10:06 am By Omar Faridi  |  

October 7, 2025 marks the first year since the UK’s Payment System Regulator or PSR introduced mandatory APP fraud reimbursement rules. Although 88% (£112m) of losses under the policy have reportedly been returned to victims, the total value of claims increased from Q1 to Q2… Read More

May 8, 2025 @ 8:25 am By JD Alois  |  

The Financial Conduct Authority (FCA) has announced a new executive to operate the Payments System Regulator (PSR), an entity that has been consolidated within the FCA. David Geale will become the Executive Director for Payments and Digital Finance Executive Director and the Payment Systems Regulator… Read More

March 12, 2025 @ 10:43 am By JD Alois  |  

The UK Payment Systems Regulator (PSR)will be shuttered by the UK government. The move is described as reducing “red tape” or “unnecessary regulation” to improve growth by reducing the burdens ladled upon businesses. The PSR oversees payment systems like card rails. Its responsibilities will be… Read More

March 8, 2025 @ 9:53 am By Omar Faridi  |  

Revolut and Visa have launched legal challenges against the UK’s Payment Systems Regulator (PSR) over its decision to impose caps on interchange fees for cross-border online payments, as reported by the FT. The move marks a considerable escalation in the ongoing tug-of-war between the payments… Read More

February 19, 2025 @ 12:47 pm By JD Alois  |  

The UK Financial Conduct  Authority (FCA) and Payment Systems Regulator (PSR) have published a statement on the rise and usage of digital wallets. The two regulators note that the use of digital wallets has grown in recent years, with card transactions using a digital wallet… Read More

October 7, 2024 @ 10:11 am By Omar Faridi  |  

With the Payment Systems Regulator‘s (PSR) new Authorized Push Payments (APP) rules coming into effect, Riccardo Tordera, director of policy and government relations at The Payments Association said that they will be monitoring the overall / anticipated impact of the latest APP fraud rules closely… Read More

September 20, 2024 @ 10:16 am By JD Alois  |  

The Payments Association has released an “investigative documentary” regarding the impact of Authorised Push Payments (APP) fraud. The project was released in partnership with Cardaq and We Fight Fraud. The documentary aims to explore how fraudsters pilfer money from the innocent. The documentary, entitled The… Read More

September 5, 2024 @ 11:02 pm By JD Alois  |  

As was reported earlier, the Payment Systems Regulator (PSR) has decided to review the reimbursement cap on App fraud with the intent to set it at £85,00. This has been widely embraced by the payments sector as previously the reimbursement cap was expected to be… Read More

September 4, 2024 @ 12:17 pm By JD Alois  |  

The UK Payment Systems Regulator (PSR) has updated the status of APP scam protections. APP scams incorporate digital fraud, where users of financial or transactional Apps send money to bogus sites or fraudsters.  The PSR says that in 2023, there were over 250,000 cases of… Read More

August 20, 2024 @ 11:45 am By JD Alois  |  

According to the UK Payment Systems Regulator (PSR), in 2023, approximately 4.5 billion transactions were made using the Faster Payments system. At the same time, over 252,626 cases of APP Fraud (APPF or authorized push payment fraud) were reported, totaling around £341 million. Other reports… Read More

July 15, 2024 @ 10:38 am By JD Alois  |  

The UK Financial Conduct Authority (FCA), along with the Payments Systems Regulator (PSR), are seeking feedback on the rise and use of digital wallets. Today, digital wallets are ubiquitous. From smartphone-based applications to hybrid crypto wallets, the use of physical cash is on the decline. Regulators… Read More

June 10, 2024 @ 10:13 am By JD Alois  |  

Last week, Chris Hemsley announced his exit as Managing Director of the Payment Systems Regulator (PSR). Replacing Hemsley is Interim Managing Director David Geale, who takes over today (June 10th). The PSR said that Hemsley was leaving the agency to become a director with Fingleton,… Read More

June 4, 2024 @ 6:53 am By Omar Faridi  |  

The UK’s Payment Systems Regulator (PSR) has announced recently that David Geale has been appointed Interim Managing Director of the PSR with effect from 10 June. The interim appointment will be for a period of nine months. David joins the PSR from the FCA where… Read More

May 22, 2024 @ 9:24 am By JD Alois  |  

Today, the UK Payment Systems Regulator (PSR) has decided that cards do not face effective competition. The PSR states that it has “provisionally” determined there is not enough competition in the supply of scheme and processing services to acquirers. Additionally, pricing is complicated, having risen… Read More

May 9, 2024 @ 10:38 am By Omar Faridi  |  

The Payment Systems Regulator (PSR) is proposing to direct banks and other payment firms participating in CHAPS to reimburse their customers who have been victims of authorised push payment (APP) scams. The PSR’s direction will underpin the Bank of England’s new CHAPS reimbursement rules. In… Read More

December 23, 2023 @ 11:18 am By Omar Faridi  |  

Following consultations over the last few months, the UK’s Payment Systems Regulator regulator confirms its new reimbursement requirement which will “prompt a step-change in fraud prevention and see the vast majority of money lost to APP frauds reimbursed to victims.” The policy statement confirms “that… Read More

August 20, 2023 @ 4:37 pm By Omar Faridi  |  

The Payment Systems Regulator (PSR) has launched two consultations in the lead up “to the implementation of its new authorised push payment (APP) fraud reimbursement requirements. ” In June, the PSR set out its final position on “tackling APP fraud, which will mean the vast… Read More