PSR PUBLISHES FINAL FRAUD REIMBURSEMENT DETAILS  

People who have been tricked into transferring money to criminals may be able to receive up to £415,000 back under new fraud reimbursement requirements coming into force next year, the Payment Systems Regulator (PSR) has confirmed (City AM). 

The PSR say they want a “step change” in terms of consumer protection against authorised push payment fraud. Losses to this type of fraud totalled £239.3 million in the first six months of this year according to UK Finance data (Reuters).  

The new reimbursement regime will take effect from October next year. There are exceptions to the requirements, but the onus will be on firms to prove a scam victim has acted with gross negligence, and exceptions do not apply if the fraud victim is vulnerable (The Telegraph).  

FCA PROPOSES EASING OF LISTINGS RULES 

The Financial Conduct Authority (FCA) has made proposals to simplify and speed up company listings to help London compete better with other global financial centres (Reuters). 

The FCA has proposed merging the premium listing on the London Stock Exchange with the standard listing, and removing a requirement for shareholders to approve some large transactions or those with “related parties” (Financial Times). 

The proposals, previously announced in May, are now open for consultation until March 2024. 

NEWS IN BRIEF

UK inflation fell by more than expected last month, driven largely by a drop in fuel prices, according to the Office for National Statistics (ONS) (BBC News). 

UK house prices have fallen by 11 per cent in real terms in just over a year, calculations by Bloomberg Economics show (Bloomberg). 

Almost two-thirds of British exporters have said selling to the EU has become harder in the past year, according to the British Chambers of Commerce (The Guardian). 

Rishi Sunak is facing another parliamentary by-election after voters in Wellingborough, the constituency of Conservative MP Peter Bone, signed a petition to have him removed (Financial Times).