Payment Services Regulations – How will the UK Banking Sector Evolve As A Result of Mandatory Reimbursement?

The Payment Systems Regulator (PSR) has recently announced updates to its legislation in a positive and bold move to aid the fight against APP fraud.

The announcement has put the onus on the banks to solve the issue, a contradiction to a recent LexisNexis® Risk Solutions survey which indicated that 94 per cent of financial services providers think fraud prevention should be taught as part of the National Curriculum to help customers protect their money from scammers. Fundamentally, the new legislation will cause the smaller challenger banks to be more conscious since they have a higher percentage of mule accounts per genuine customer; it is imperative that the entire ecosystem is supported and informed to ensure that financially excluded individuals are not marginalised in the process, further than they already may be.

The hope for the new PSR legislation is to make banks more determined to focus on improving security around payments and for technology to be orchestrated in aid of the customer.

Find out more in this webinar, hosted by LexisNexis® Risk Solutions, on how the financial ecosystem may change in the short and long term, and explore:

The transformation activity required on banks and financial institutions to comply with and support an ecosystem of timely reimbursements.
Why balancing the bank’s risk appetite for screening outbound and inbound payments, whilst also assessing their customer base to proactively identify mule accounts, could be challenging.
Who will be impacted the most by the liability shift?
The potential reputational damage, and what is the answer.

Area of expertise:

Economic crime Payments, innovation & resilience

Rob Woods

Director, International Fraud & Identity, LexisNexis Risk Solutions

Rob Woods is a senior expert for LexisNexis Risk Solutions with a particular focus on fraud, identity, Authentication and biometrics. With more than a...

Rob Woods is a senior expert for LexisNexis Risk Solutions with a particular focus on fraud, identity, Authentication and biometrics. With more than a decade in threat readiness and fraud prevention, Rob is a leading industry expert on this topic.

Rob is responsible for international market planning for financial services for LexisNexis® Risk Solutions. One of his core priorities within the fraud and identity leadership team is delivering the product portfolio and planning the strategic roadmap to service current and future client needs.

Rob’s background and product expertise has led the design and delivery of major agile transformation programmes in financial services that are purposefully focused on authentication, fraud and digital identity. A notable project was the implementation of an authentication as a service platform for PSD2 / strong customer authentication at Lloyds Banking Group.

Rob’s philosophy is customer oriented, which he applies to create services that are centred on identity protection and focused upon a smooth digital banking experience, whilst enabling end users to shop and carry out online transactions with confidence.

Nuala Jackson

Director, Payments, UK Finance

Nuala Jackson is Director of Payments at UK Finance, a strategic leadership role driving where she is responsible for driving co-ordination and collab...

Nuala Jackson is Director of Payments at UK Finance, a strategic leadership role driving where she is responsible for driving co-ordination and collaboration across the industry to respond to the regulatory, legislative and industry change agenda for payments in the UK and Europe.

Nuala joined UK Finance in 2022 bringing 20 years of banking and financial services experience and is highly experienced in the delivery of complex change within a highly regulated environment.

Prior to joining UK Finance, Nuala worked for Santander (UK), where most recently she was a Senior Manager - Payments Industry & Oversight, there, she was responsible for the UK bank’s Payments Change Roadmap, with leadership and oversight across a number of large-scale Industry change programmes, delivering some of the most complex and far-reaching changes the banking industry has seen in more than a generation.

Before, Santander (UK), Nuala spent a number years working at HSBC in both the UK Bank and in Group in a variety of roles.

Paul Davis

Fraud and Financial Crime Prevention Director, TSB Bank

Paul is the Fraud and Financial Crime Prevention Director at TSB, having worked in this area for 19 years including previous roles at Barclays and Llo...

Paul is the Fraud and Financial Crime Prevention Director at TSB, having worked in this area for 19 years including previous roles at Barclays and Lloyds Banking Group. Whilst TSB is noted for its approach to the reimbursement of scam victims, Paul’s main interest is in how fraud can be prevented from occurring in the first place.

Paul is a board member of Stop Scams UK – a partnership between banks, telecommunication and technology companies to reduce the harm caused by fraud. He is also the deputy chair of the Fraud Committee at UK Finance, the trade body for the banking and finance industry and sits on the Advisory Panel to the Public Sector Fraud Authority. Paul is also a regular spokesperson in the media on the topic of fraud and financial crime prevention.

LexisNexis Risk Solutions

With our unique approach to data, insight, and analysis enables our customers to uncover complex risks, identify hidden opportunities and see what oth...

With our unique approach to data, insight, and analysis enables our customers to uncover complex risks, identify hidden opportunities and see what others can’t see, helping them to make smarter, more-timely decisions, with greater clarity.

LexisNexis Risk Solutions helps many of the world’s most recognisable financial brands to cut through the noise and see what matters when assessing complex fraud and identity verification challenges or navigating the complexity of KYC, AML, and other CDD screening processes.

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