The Payment Systems Regulator (PSR) now mandates APP scam reimbursements within 5 days, capped at £85K, with firms given 35 days to resolve claims

Payment firms can “pause the clock” to gather more information, but must resolve cases within 35 business days. An optional £100 excess may apply, except for vulnerable consumers, and firms can opt for a lower or no excess. Firms can reimburse more than £85,000, with claims exceeding this directed to the Financial Ombudsman Service (FOS), which has a compensation limit of £430,000, depending on case specifics…