Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 08 OCTOBER 2024

Authorised Push Payment Fraud – Latest Developments For The Mandatory Reimbursement Scheme

Withers LLP
Withers LLP
Contributor
Withers LLP

Withers LLP

Withers is an international law firm focused on the personal, business and philanthropic interests...

View firm profile
Explore more from Withers LLP

A new mandatory reimbursement scheme for victims of authorised push payment fraud (APP fraud) takes effect on 7 October 2024, requiring UK payment service providers to compensate consumers, with a capped limit of £85,000.

United KingdomFinance and Banking
Sadia Begum
Sadia Begum
Henry W. Farris
Henry W. Farris
Author LinkedIn connections

On Monday 7 October 2024 the long-awaited mandatory reimbursement scheme for consumer victims of authorised push payment fraud (APP fraud) comes into effect. This article seeks to gives some context to the new scheme and also explains the recent, controversial changes to the scheme.

In summary, the Payment Services Regulator (PSR) describes APP fraud as something which happens "when a fraudster tricks someone into sending a payment to an account outside of their control". Millions of pounds are being lost every year as a result of APP fraud, especially in a digital age where people are increasingly reliant on making payments online. Alarmingly, the PSR stated in a report from July 2024 that for every £1 million of Metro Bank transactions sent in 2023, £266 of that was lost to APP scams.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

FCA Finalises Cryptoasset Perimeter Guidance Ahead Of The New UK Regime

The Financial Conduct Authority has released comprehensive perimeter guidance for the UK's new regulated cryptoasset activities regime, clarifying when firms will need authorization and how the regulatory framework applies to qualifying cryptoassets and stablecoins. The guidance addresses critical questions about scope, territorial application, and the narrower "by way of business" test that determines which entities fall under the new regulatory requirements.
United KingdomFinance and Banking
Katten
Katten
Article

Cryptoasset Regulation: UK Advances Comprehensive Regime As US CLARITY Act Stalls

The UK's Financial Conduct Authority has finalized comprehensive perimeter guidance for its cryptoasset regime, opening a five-month authorization window for firms, while the US Senate's procedural rejection of the CLARITY Act leaves American digital asset regulation to continue through agency action. This divergence highlights fundamentally different regulatory approaches: a legislatively anchored UK implementation path versus US reliance on existing statutory authorities as Congress debates market structu
United KingdomFinance and Banking
PwC Legal Germany
PwC Legal Germany
Article

The Future Of Islamic Finance: Insights From IFN UK Forum 2026

Islamic finance is experiencing rapid global expansion, with assets approaching US$6tn and record sukuk issuance attracting non-traditional investors. The convergence of Shariah-compliant and sustainable investing is creating new opportunities, while AAOIFI Standard No. 62 and tokenisation developments are reshaping how Islamic finance structures are designed and implemented across international markets.
United KingdomFinance and Banking
Walkers
Walkers
Article

New AIM Rules (August 2026)

The London Stock Exchange has implemented sweeping reforms to the AIM Rules, fundamentally reshaping admission requirements, transaction thresholds, and governance obligations for companies on the Alternative Investment Market. These changes eliminate longstanding requirements like working capital statements and corporate governance codes while introducing new features such as capital access windows and special voting shares, marking the most significant overhaul of AIM regulations in recent years.
United KingdomFinance and Banking
Shoosmiths LLP
Shoosmiths LLP
Article

Investment Management Update - September 2026

The Financial Conduct Authority has released a comprehensive package of regulatory updates and findings covering investment management, wealth management, and consumer protection. Key developments include reforms to MiFID costs and charges disclosures, remuneration code changes, AIFM regime overhauls, and detailed reviews of firms' Consumer Duty compliance, financial crime controls, and governance frameworks.
United KingdomFinance and Banking
Macfarlanes LLP
Macfarlanes LLP
Article

Nearly Out Of PERG-atory – But Not Quite Yet: Good News As The FCA Finalises PERG 18 On Cryptoassets, But With Even More Legal Changes To Come

Cryptoasset firms face a rapidly evolving regulatory landscape as the FCA's authorisation gateway opens on 30 September 2026. With the Financial Services and Markets Act 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026 laid before Parliament and the FCA's finalised PERG 18 guidance published within 24 hours, firms must navigate significant perimeter changes including new stablecoin payment exclusions.
United KingdomFinance and Banking
Travers Smith LLP
Travers Smith LLP
Article

Modernising UK Payments: HM Treasury’s Proposed Overhaul Of The Payment Services Regime

On 14 July 2026, HM Treasury published its long-awaited consultation on modernising the UK’s payment services and electronic money regulatory framework. The consultation is part of the Government’s National Payments Vision agenda, which aims to ensure that the UK has a trusted, world-leading payments ecosystem delivered on next generation technology, while preserving choice for consumers and businesses.
United KingdomFinance and Banking
A&O Shearman
A&O Shearman
Article

A 5% Wealth Tax? Preparing Clients For California's Billionaire Tax Act

California's proposed Billionaire Tax Act would impose a onetime 5% excise tax on individuals and trusts with assets exceeding $1 billion, creating unprecedented challenges for estate planners. The retroactive application and anti-abuse provisions raise critical questions about the treatment of grantor trusts, non-grantor trusts, and beneficiary interests that deviate significantly from established federal wealth transfer tax principles.
United StatesTax
Withers LLP
Withers LLP
Article

Navigating Florida’s New Trust, Probate And Series LLC Statutes

Florida has enacted significant statutory changes affecting trust administration, probate procedures, and business entity formation. These reforms introduce streamlined nonjudicial processes for trustee discharge, expand access to simplified probate administration, and establish a new framework for protected series LLCs that offers enhanced asset protection and operational flexibility for estate planners and business owners.
United StatesWealth Management
Withers LLP
Withers LLP
Article

Major Overhaul Of F-1, J-1: End Of "Duration Of Status" Or "D/S" - Fixed Admission Periods And New Extension Of Stay Requirements

The Department of Homeland Security has published a final rule eliminating the long-standing "duration of status" framework for F-1 students, J-1 exchange visitors, and I foreign media representatives, replacing it with fixed admission periods capped at four years. Students and exchange visitors who need additional time will now be required to file Extension of Stay applications with USCIS or depart and re-enter the United States. The rule, effective September 15, 2026, introduces significant restrictions o
United StatesImmigration
Withers LLP
Withers LLP
Article

New Chinese Mainland Offshore Trust Tax Regime: Immediate Implications For Settlors, Beneficiaries And Trustees

China's Ministry of Finance and State Taxation Administration have issued comprehensive new regulations governing offshore trust taxation, creating a framework that applies throughout the entire lifecycle of offshore trusts from initial funding to succession. These sweeping changes, effective immediately with a 90-day compliance window, impose Chinese Mainland taxes at multiple points for residents who have established offshore trusts, while also extending reach to non-residents with Chinese Mainland-source
ChinaTax
Withers LLP
Withers LLP
Article

Navigating Japan's Foreign Investment Rules: Key Requirements And The 2026 Reform Update

Japan's Foreign Exchange and Foreign Trade Act amendments, promulgated in June 2026, introduce significant changes to foreign direct investment screening procedures. These modifications expand regulatory oversight to include indirect acquisitions, mandate reporting of risk mitigation measures, and grant authorities enhanced powers to address national security concerns even after transactions are completed.
JapanGovernment, Public Sector
Withers LLP
Withers LLP