EMA response to FCA GC24/5 on APP Fraud – enabling a risk-based approach
The EMA submitted a response to the UK FCA Guidance Consultation GC24/5: Authorised Push Payment Fraud: enabling a risk-based approach to payment processing.
APP Scams
Open Letter from Electronic Money Association to Chancellor Rachel Reeves on APP Scams Reimbursement deadline
The Electronic Money Association (EMA) sent a letter to Chancellor Reeves outlining our concerns regarding the implementation of the Authorised Push Payment (APP) mandatory reimbursement scheme. We have also written to the Economic Secretary to the Treasury.
As the EU trade body representing electronic money issuers and alternative payment service providers, we have highlighted several critical issues that need addressing before the scheme’s full implementation. These include concerns about the financial burden on smaller Payment Service Providers (PSPs), potential delays in system readiness, and the need to reconsider the maximum claims threshold.
We believe these matters are crucial for ensuring the scheme’s success and alignment with the broader goals of economic growth and innovation. We would very much appreciate the opportunity to discuss these concerns in further detail and explore potential solutions that could benefit both consumers and the payments industry.
EMA response to PSR voluntary questionnaire police reporting
The EMA provided a response to the UK Payment Systems Regulator voluntary questionnaire on police reporting of APP Scams.
EMA letter to Treasury Select Committee re Meeting with PSR on Tuesday 30 January 2024
Following the hearing of the Treasury Select Committee hearing on 30 January on the Payment Systems Regulator work on fraud reimbursement with Chris Hemsley, Managing Director of the PSR, the EMA submitted a letter to the Treasury Committee addressing the GBP 415,000 reimbursement limit, clarifying aspects of Chris Hemsley’s oral evidence for the Committee.
EMA letter to PSR re GBP 415k
The Electronic Money Association submitted a letter to the Payment Systems Regulator setting out our concerns about the impact of the extent of liability of £415,000 on the payment services and e-money industry in the UK.