The PSR’s statement confirms that it will implement its FPS APP fraud mandatory reimbursement requirement policy with an initial maximum level of reimbursement of £85,000 per FPS APP scam claim. This is instead of the previous limit of £415,000, which had been set to reflect the Financial Ombudsman Service’s (FOS) maximum reimbursement limit (although this has subsequently been raised to £430,000 by the FOS).
The PSR also confirms that the Bank of England (BoE), as the operator of CHAPS, has decided that the maximum reimbursement for CHAPS will be £85,000.