Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure the mandatory reimbursement scheme for Authorised Push Payment (APP) fraud adequately protects consumers at risk of being scammed.

The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. To protect consumers, under the Financial Services and Markets Act 2023, the Payment Systems Regulator (PSR) has introduced a mandatory reimbursement regime for Authorised Push Payment (APP) scams taking place over the Faster Payment system. This came into force on 7 October 2024.

The details of the APP reimbursement regime are a matter for the independent PSR. The PSR monitors compliance with the reimbursement regime closely and has powers to take action where firms fall short of their obligations.