Policy paper

The Payment Services (Amendment) Regulations 2024 – policy note

A near-final version of legislation to slow down payments processing when there are reasonable grounds to suspect fraud, which is being published for checks.

From:
HM Treasury
Published
12 March 2024

Documents

The Payment Services (Amendment) Regulations 2024 - Delaying payments processing when there are reasonable grounds to suspect fraud or dishonesty

Ref: ISBN 978-1-917151-05-4

PDF, 91 KB, 13 pages

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Draft SI The Payment Services (Amendment) Regulations 2024

PDF, 83.7 KB, 3 pages

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Details

As part of the fraud strategy, the government committed to explore whether to allow payment service providers, such as banks, more time to investigate suspicious payments. This would help tackle authorised push payment fraud, where victims are tricked into sending money to fraudsters.

The government is today publishing draft legislation to allow payment service providers to delay outbound payments processing when there are reasonable grounds to suspect fraud or dishonesty and more time is needed to contact the customer or relevant third parties.

The government is publishing this draft legislation for technical checks and welcomes comments on this by 12 April 2024. The government intends to lay this legislation before parliament in summer 2024.

Published 12 March 2024