Payment Services Regulations 2009
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In the global consumer market, millions of transactions populate the platform of the global market. Products are manufactured and sold to the buyers. Everyday huge financial transactions take place in the global market. Today the world is fast paced and there is a deep scarcity of time, which leads the consumers into a world which is surrounded with more fast paced yet convenient mediums of the transaction. Today we are more and more dependent on plastic cards for any financial transactions, which make us more prone to fraudulent activities. Everyday, millions of consumers around the world fulfill their shopping spree with the ample use of credit or debit card. They become victims of credit and debit card fraud and lose their hard earned money within a blink of an eye.
In 2009 to protect the millions of innocent buyers from the claws of the fraudsters, a new set of regulation was framed, which is known as the Payment Services Regulations 2009. These regulations will cushion the rights of the consumers who will become the victim of the card fraud. The FCA (Financial Conduct Authority) will act as a monitoring authority.
What is PSR-
The Payment Services Regulations 2009 are a law framed to protect the interest of the consumers who are the prey of the card fraud or become victims of the banking related disputes. Any uneven transaction or fraudulent activity related to debit or credit cards comes under the authority of this regulation. The banks and other financial organizations must follow the regulations which are listed in the handbook of FCA (Financial Conduct Authority). The handbook known as entitled banking: Conduct of Business and Sourcebook (BCOBS). This book should be followed by all the banking and financial organizations.
Earn your refund-
If you are a victim of a fraudulent activity related to your debit or credit card then you are protected under the PSR. If your card is stolen or lost during a transaction, then you are entitled to get back the amount that you have paid through your card. But there is a probable exception. If the credit or debit card company can prove your negligence during the entire transaction then, they can deduct 50 pounds from the entire refund money. But if the monetary transaction is made after the card is stolen or lost, then the consumer can claim the full amount as a refund from the credit or the debit card company under the Payment Services Regulations 2009. If the credit or the debit card company can prove that as a consumer you negligent or you did a fraudulent transaction with the card then they can easily reject your plea of refund.
Be a smart user-
If you are a victim of a fraudulent act which happened in your credit or debit card then you are entitled to a refund. But under this scenario, you must prove that all the transactions occurred once the card was stolen or cloned. The fraudster must have used your card for buying articles via telephone or through the internet. Under such scenario you are entitled to get a full refund of the amount which is released from your card under the law of the Payment Services Regulations 2009. Though there is an exception. If the financial organization or the bank can prove your negligence then they might reject the refund.