UK: Pay.UK Seeks Feedback on Proposal to Introduce FPS Rule Requiring Payment of CRM Fee

Pay.UK has published a call for information on a proposal by seven participants to introduce a Faster Payments Service (FPS) rule requiring the payment of a contingent reimbursement model (CRM) fee. 

Pay.UK received a change request from UK Finance on behalf of seven FPS direct participants, which propose changes to the FPS Rules for the payment of a CRM fee to fund the reimbursement of all customers who fall within the category of "no blame", as per the assessments outlined within "The Contingent Reimbursement Model Code for Authorised Push Payment Scams". 

The scope of the call for information includes implications of UK Finance's proposal to change the FPS Rules and not other aspects of the authorised push payment (APP) fraud regulatory framework. 

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