Money Transfers news
4 stories on money transfers, newest first. Every story is dated and cites its sources.
- April 2026
New payment account termination rules come into force
Rules taking effect on 28 April 2026 extend the notice payment firms must give before closing an account to 90 days for new contracts and require detailed reasons for the decision.
- April 2025
Deadline for PSPs to amend consumer terms and conditions to reflect reimbursement rights
The Payment Systems Regulator has confirmed that payment firms had until 9 April 2025 to update consumer contracts to reflect authorised push payment scam reimbursement rights introduced in October 2024.
- October 2024
Payment Services (Amendment) Regulations 2024 come into force
Rules allowing banks and payment firms to hold back suspected fraud payments for up to four business days came into force on 30 October 2024, with new duties to tell customers and cover their costs.
Payment Services (Amendment) Regulations 2024 made
The Treasury made regulations on 8 October 2024 giving payment service providers a power to delay certain sterling payments made within the UK where they suspect the order followed third-party fraud.