We are committed to tackling any weaknesses identified in payments that enable criminals to commit fraud or other economic crime and launder the proceeds. We have been extremely critical of how the PSR has handled the mandating of reimbursement for victims of APP fraud, as we believe that more should have been done to prevent fraud from happening at first, rather then only imposing financial liabilities on the industry that are not contributing to lower the levels of fraud. We urge policy makers to rethink how the mandatory reimbursement works, in particular with regard to the definition of consumer standard of care and include mandatory financial liability for social media platforms.
We are committed to being an industry that takes its impact on society seriously. We are happy to working proactively with policy makers to bring forward our members’ views on the future Inclusion Strategy.
We are committed to ensuring the UK becomes a world leader in digitalising finance. To do so, we need to help the UK payments industry to fully embrace the digital world and to create a flourishing, innovative digital currencies ecosystem that interoperates globally, attracts inward investment, delivers highly skilled jobs and capitalises on the opportunity of delivering growth for the new digital economy
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
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