When of comes to the clamour for a delay. I would replace reference to “banks” with some PSPs as none of the directed organisations are pressing for a delay.
The call for a £30K limit is also a classic example of kicking the can down the road.
The PSR came up with £415K as it aligned to the FoS limit, recognising that most APP claims will go on to be control failure claims if the PSP doesn’t address it via the APP reimbursement framework.
As things currently stand most consumers post Oct 7 will have the scope to be awarded up to £430K (the FoS limit has increased) in the event that their PSP declines to reimburse under the FSMA provisions.
FYI the £100 excess is optional and will likely become a differentiator in the market. I’d be surprised if many PSPs opt to use it.
Lastly the necessity for thd PA’s to adopt this position does not reflect well on their members.
The writing has been on the wall since 2016, only businesses with poor strategic governance ought to be exposed!
3 hours Read comment
Kazu YokokawaConsultant at Nomura Research
Sriram BalaConsultant at Tata Consultancy Services
Sachin KulkarniConsultant at Independent Consultant- Bank
Rajesh TengsheConsultant at TCS
Akshay GoyalConsultant at Abrantix
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