Will the December 2026 consultation change my existing claim?

The PSR has not said the changes it is considering will apply retrospectively, and its own materials describe the consultation as still open to being refined based on feedback. For now, existing claims are dealt with under the rules that have applied since 7 October 2024.

Does the PSR being abolished affect my right to reimbursement?

The government's stated plan is to transfer the PSR's functions, including the bank transfer fraud reimbursement regime, to the Financial Conduct Authority while keeping their substance and scope. The Financial Services and Markets Bill introduced in May 2026 is the vehicle for that change, but the underlying reimbursement rights have not been removed.

What can I do if my bank rejects my reimbursement claim?

You can ask the firm to explain its decision and, if you disagree, take the complaint to the Financial Ombudsman Service, which can review the case independently. Keep copies of your original claim, the firm's response and any evidence of the payment and the fraud.

How long should a bank transfer fraud claim take?

Firms are expected to reach an outcome within 35 business days, and PSR data shows most claims are actually resolved within five business days. If your case is taking longer than 35 business days without a firm outcome, that is worth raising directly with the firm or the Financial Ombudsman Service.

Why do so many fraud victims not claim reimbursement?

The PSR's one-year review found that 71 percent of victims said they were unaware the reimbursement policy existed, and 49 percent never attempted to claim. This suggests the main barrier for many people is simply not knowing the protection is there, rather than being turned down.

Start My Claim

PSR review finds bank transfer fraud reimbursement is working, as regulator faces abolition

An independent review says the bank transfer fraud reimbursement scheme is working, but a December 2026 consultation could change it as t…