APP Fraud Reimbursement
Has your bank refused to refund you after an authorised push payment (APP) scam? Since 7 October 2024, the PSR mandatory reimbursement scheme means your bank must refund you within 5 business days.
Maximum mandatory reimbursement: £85,000 per claim under the PSR scheme. Losses exceeding £85,000 can be escalated to the Financial Ombudsman Service (up to £455,000). Payments made via Faster Payments and CHAPS are covered.
£85,000
Max PSR refund
5 days
Refund deadline
7 Oct 2024
Mandatory since
£455,000
FOS max award
Your rights
PSR PS24/3 and PS24/7: mandatory reimbursement for APP fraud via Faster Payments
BCOBS 5A: banks must treat customers fairly when handling fraud claims
Consumer Duty (PRIN 2A): firms must act to deliver good outcomes for consumers
If your bank refuses, you can escalate to the Financial Ombudsman Service after 8 weeks
BNPL transition: 15 July 2026
Buy Now Pay Later (BNPL) comes under FCA regulation on 15 July 2026. Before this date, BNPL providers like Klarna, Clearpay, and Zilch operate outside the FCA perimeter for some products. Section 75 may not apply if the BNPL product was outside the regulated perimeter at the time of purchase.