The Payment Systems Regulator (PSR) has published an update regarding next steps for its claims management consultation and its intention to adopt reporting standard B by December 2026. The claims management consultation was originally planned for April this year but is being delayed. The PSR notes how effective claims management and receiving quality compliance data are crucial components in its APP reimbursement policy, which went live on October 2024. Having considered stakeholder feedback, the PSR has updated the timing of the planned consultation to take into account the work being carried out in relation to the UK government's National Payments Vision (NPV) (for further background, please see our update). The PSR expects to consult within three to six months, subject to NPV developments. The additional time will enable Pay.UK and the wider industry to continue working on an effective common system that meets the needs of all its users. The future consultation will not propose placing a regulatory mandate on PSPs to use a particular system for managing claims or for meeting the Reporting Standard B requirements. In line with previous plans, the deadline for comments to the consultation for adopting Reporting Standard B, is December 2026.
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