News & Analysis as of

Fraud Payment Systems Financial Conduct Authority (FCA)

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
A&O Shearman

PSR update on impact of APP fraud reimbursement scheme

A&O Shearman on

The UK Payment Systems Regulator (PSR) has published an update on what it has seen since the implementation of its authorised push payment (APP) fraud reimbursement scheme in October 2024. The data covers UK payments made via...more

Hogan Lovells

UK: A new litigation risk for PSPs? Quincecare claim brought by derivative action is successful

Hogan Lovells on

Ever since the Supreme Court held, in Philipp v Barclays Bank plc1(Philipp), that claims based on the Quincecare duty against the payment services provider (PSP) which paid the funds away were not open to victims of...more

A&O Shearman

Financial Crime: The FCA’s Strategy for 2025 – 2030

A&O Shearman on

In its strategy for the next five years, financial crime remains a priority for the UK Financial Conduct Authority (FCA). While the FCA acknowledges the significant efforts firms invest in their anti-financial crime systems,...more

A&O Shearman

UK Financial Conduct Authority Dear CEO letter on priorities for payments portfolio firms

A&O Shearman on

The Financial Conduct Authority has published a Dear CEO letter to firms in the payments portfolio sector (including payment institutions, e-money institutions and registered account information service providers). Although...more

Hogan Lovells

UK APP fraud mandatory reimbursement regime: Next steps for PSPs and overview of key publications

Hogan Lovells on

With the new mandatory reimbursement requirements for Faster Payments and CHAPS now in force, we provide a quick reference guide to the key publications to date. As in-scope payment service providers (PSPs) move into the...more

Hogan Lovells

APP fraud: FCA consults on Approach Document changes to support proposed payments delay legislation

Hogan Lovells on

The FCA is consulting on amendments to its Payment Services and Electronic Money Approach Document to provide guidance for payment service providers (PSPs) on how to apply the proposed outbound payments delay legislation...more

BCLP

Play Safe - How scam-proof are you in the new world of mandatory reimbursement for APP fraud?

BCLP on

Imagine this – a customer submits a payment instruction directing that all their life savings are transferred to a third-party account for the purposes of an investment. What do you do? While the scenario may appear...more

Goodwin

The FCA’s 2023/24 Priorities for UK Payments: Firms and Investors, Take Note

Goodwin on

On March 16, 2003, the UK Financial Conduct Authority (FCA) published its letter Portfolio Letter: FCA priorities for payments firms to the CEOs of UK Payment Institutions (PIs), Electronic Money Institutions (EMIs), and...more

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