FCA exec helicoptered into embattled PSR, as banks resist APP fraud refund plan

The FCA's relatively low-profile director of Retail has been plunged into a high-profile dispute involving the Payment Systems Regulator (PSR), which has just appointed him as interim managing director.David Geale took over on 10 June, three days after his predecessor, Chris Helmsley, stood down amid growing industry criticism.

By Neasa MacErlean

The conflict relates to the PSR's design and timing of the reimbursement scheme for victims of Authorised Push Payment (APP) fraud. The industry, as represented by the Payments Association, wants the rules to be renegotiated and for the October introduction to be delayed a year, according to the Financial Times . However, losses to victims are estimated at around £460 million a year, and Mr Geale has confirmed his predecessor's approach.