In a recent development concerning authorized push payment (APP) fraud, the UK’s Payment Systems Regulator (PSR) has put forward a proposal for a specific direction aimed at Faster Payments Scheme Limited (FPSL) participants. The focus of the proposal is on the reimbursement requirement that is expected to help combating APP fraud more effectively.
As highlighted by JD Supra, the PSR’s proposed direction expects all FPSL participants to fully reimburse victims of APP fraud, provided that they have met their requisite level of care. This signifies a push from the regulator to further embed this practice within the scheme’s regular operation.
APP fraud manifests in a variety of situations including when customers are tricked into sanctioning a payment to an account that they believe belongs to a legitimate payee, but is in fact controlled by a criminal. This proposed direction would ensure that victims who have taken reasonable steps to avoid fraud will be properly compensated.
Simultaneously, in a different but no less noteworthy development, the European Commission has just published its current approach on green mergers. Acknowledging that competition law has a role to play in achieving the European Green Deal, the Commission sheds light on how its merger policy can support and amplify environmental objectives.
The Commission supplies a broad outline of an analytical framework for its merger control enforcement – a crucial area for companies involved in current or future activities within the EU. More on this can be found in an article released by Hogan Lovells.
It’s clear from these two separate developments that regulatory bodies are working diligently to ensure that legal and business practices evolve to meet the societal and environmental objectives of the present day. Legal professionals should closely monitor these and similar moves to best adapt their operations and advice.