The managing director of Great Britain’s Payments Systems Regulator (PSR) is reportedly stepping down. As Bloomberg News noted in a report Saturday (June 1), Chris Hemsley’s departure comes amid rising financial industry anger over new fraud refund regulations. Hemsley will leave “imminently” following nearly five...
The U.K. payments sector is protesting the government’s plan to have companies reimburse fraud victims. Dozens of members of the Payments Association have written to the British economic secretary to the Treasury, Bim Afolami, to push back against the rules, Bloomberg News reported, citing a...
When it comes to innovation, the United Kingdom can find itself on a literal island. And the kingdom’s latest regulatory push, one that is targeting authorized push payment (APP) fraud, has left observers wondering whether that island may be sinking. This, as the U.K.’s first...
The government of the United Kingdom has published draft legislation that would allow payment service providers (PSPs) to delay outbound payments processing by up to four business days when they suspect fraud. The delay will give PSPs more time to contact the customer or relevant...
March 12, 2024
When it comes to innovation, the United Kingdom can find itself on a literal island. And the kingdom’s latest regulatory push, one that is targeting authorized push payment (APP) fraud, has left observers wondering whether that island may be sinking. This, as the U.K.’s first Global Fraud Summit, hosted by the Home Secretary, kicked off […]
June 10, 2024
The UK’s payments regulator says new fraud reimbursement rules will proceed as planned. The Payment Systems Regulator told PYMNTS Monday (June 10) that it still plans to roll out regulations requiring banks and payment companies to reimburse victims of authorized push payment (APP) fraud up to £415,000 ($527,000) for each claim. This came after the […]
June 02, 2024
The managing director of Great Britain’s Payments Systems Regulator (PSR) is reportedly stepping down. As Bloomberg News noted in a report Saturday (June 1), Chris Hemsley’s departure comes amid rising...
May 15, 2024
The U.K. payments sector is protesting the government’s plan to have companies reimburse fraud victims. Dozens of members of the Payments Association have written to the British economic secretary to...
March 12, 2024
The government of the United Kingdom has published draft legislation that would allow payment service providers (PSPs) to delay outbound payments processing by up to four business days when they...
