Part 6: Miscellaneous Other miscellaneous provisions Section 72: Liability of payment service providers for fraudulent transactions
Subsections (1), (2), (3)(a) and (4) of this section set out that the Payment Systems Regulator must prepare and publish a draft relevant requirement; describe the nature of that requirement; how the Payment Systems Regulator should consult, and the timescales within which it must do so. The effect of this section is to place a standalone duty on the PSR that it must prepare and publish a draft of a relevant requirement for reimbursement in such "qualifying cases" of payment orders as the Regulator considers should be eligible for reimbursement (subsections (1) and (3)(a)). Such qualifying cases are where "the case relates to a payment order executed over the Faster Payments Scheme" and "the payment order was executed subsequent to fraud or dishonesty" (subsection (2)). This would cover APP scams. Such a requirement must be published within 2 months of the provision being commenced (subsection (4)).
	Subsections (5) to (7) require the Payment Systems Regulator to subsequently impose such a requirement, having regard for any representations received as part of the consultation, and the timescales within which it must do so. The PSR must consult on the published requirement and then give effect to it subject to any consultation responses (subsections (3)(b), (5) and (6)). This process must be completed within 6 months of the provision being commenced. The provision does not amend the FSBRA 2013 framework, but requires the PSR to take a set of specified actions within that framework.
	Subsection 8 makes clear that publication and consultation requirements in subsections (1) and (3) as well as under section 104(2) of the Financial Services (Banking Reform) Act 2013 in the application of that section to a relevant requirement can be satisfied by action taken before the coming into force of this provision.
	Subsection (9) clarifies that the Payment Systems Regulator is able to subsequently vary (that is, amend) or revoke any requirement made under this section, and to impose further requirements relating to the reimbursement of fraudulent payments.
	Subsection 10 defines specific terms used in subsections (1) to (9).
	Subsection 11 amends regulation 90 of the Payment Services Regulations 2017, such that it does not affect the liability of a payment service provider under a relevant requirement in a case where the payment order is executed subsequent to fraud or dishonesty. Relevant requirements include the provisions in FSBRA 2013 and regulation 125 of the Payment Services Regulations 2017 that may be used by the PSR in relation to APP scams.