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Legal News

Consultations underpin mandatory fraud victim repayment

Published on: 20 September 2023
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Table of contents

  • Consumer standard of caution
  • Burden of proof
  • Terms and conditions
  • Meaning of gross negligence
  • Maximum level of reimbursement and claim excess
  • Claim excess proposals
  • How Claim Excess Should Be Structured
  • Claim excess and vulnerable customers
  • Partial excess or no excess
  • Maximum level of reimbursement proposals
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Article summary

Law360, Expert analysis: The UK Payment Systems Regulator published two consultations in August 2023 on the new mandatory reimbursement requirement for authorised push payment, or payment transfer scam, fraud victims. James Black, partner, Julie Patient and Grace Wyatt, counsel, at Hogan Lovells International LLP look at the proposals in each consultation and briefly consider the potential impact of some of the proposals on in-scope PSPs.

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