‘Regulating Authorised Push Payment Fraud: How Did We Get Here, and Where Are We Heading?’

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Abstract: Regulating authorised push payment fraud: how did we get here, and where are we heading? APP fraud is the most prevalent fraud in the UK, causing significant consumer detriment and costing substantial amounts to the UK economy. To tackle the problem, the Payment Systems Regulator adopted mandatory reimbursement rules that entered into force on October 7, 2024. The talk discusses the background of the mandatory reimbursement rules: the Which? Super Compliant, the Contingent Reimbursement Model Code 2019, the Financial Services and Markets Act 2023, and most importantly, the PSR Specific Direction 20 that laid down the new rules.

Bio: Dr Andrea Fejős is a Senior Lecturer at Essex Law School, University of Essex. Andrea’s research is in retail financial services law, on the intersection of consumer law and financial regulation, which she calls ‘financial consumer law.’ Her current research focuses on aspects of financial inclusion in the UK and the EU: social lending, access to basic payment accounts, automated loan contracts, and authorised push payment fraud. Andrea is committed to improving the real lives of consumers; her academic research benefited the EU Commission, Finance Watch and The European Consumer Organisation (BEUC), she regularly delivers training at The Academy of European Law (ERA) and is a long-time contributor to the popular blog: ‘Recent Developments in European Consumer Law’. As a recognition of her work on influencing EU consumer law, in 2023, Andrea was awarded the Impact Award by the Faculty of Arts and Humanities of the University of Essex.