APP Fraud - PSR Mandatory Reimbursement
APP scam - PSR mandatory reimbursement refused (post-Oct 2024)
Mandatory ADR
Max award: £445,000 (from 1 Apr 2025)
5 working days for reimbursement (PSR mandate); 8 weeks complaint; FOS 6 months
Uphold rate: 34% (FOS 2024/25)
Key Legislation
PSR Mandatory Reimbursement Rules PS24/3 / PS24/7; PSR 2017 — PS24/7 (FPS; max £85k per claim); PS24/5 (CHAPS); PSR 2017 Reg 75-91
Complaint Route: Financial Ombudsman Service
Type: Ombudsman (binding on firm)
Max award: £445,000
Uphold rate: 34%
Average resolution: 180 days
Pre-conditions: Complain to firm first; firm has 8 weeks to resolve; then refer to FOS within 6 months of final response
Visit FOS websiteCompanies in This Sector
Revolut (FCA 730427)Monzo (FCA 730437)BarclaysNatWestLloydsTSB (FCA 191240)
Annual complaint volume: 305,726 (FOS 2024/25 total)
Note: Compensation range: Up to £85000 under PSR mandate; up to £445000 via FOS