Regulatory Alerts2024-09-06
Added · Updated
FG24/6: Guidance for firms that enables a risk-based approach to payments
The Payment Services (Amendment) Regulations 2024 enable Payment Service Providers to delay outbound Authorised Push Payment transactions for up to four business days when they have reasonable grounds to suspect fraud or dishonesty by someone other than the payer. The Financial Conduct Authority’s finalised guidance requires an objective factual foundation for this threshold, removes previous lists of risk factors, and clarifies that the suspicion test is distinct from obligations under financial crime legislation. Providers must notify affected parties of delays, are encouraged to share transaction data with other PSPs subject to data protection laws, and are liable to reimburse payers only for directly incurred interest or charges resulting from the delay.
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