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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

authorised push payment fraud

    152a transfer of funds by person A to person B, other than a transfer initiated by or through person B, where:

      1. (1) A intended to transfer the funds to a person other than B but was instead deceived into transferring the funds to B; or
      1. (2) A transferred funds to B for what they believed were legitimate purposes but which were in fact fraudulent.

    In this definition, “initiated” should be construed in the context of the way it is used in the Payment Services Regulations (so that, for example, funds transferred by credit transfer would be included but not where they have been transferred by direct debit or debit card or credit card via a merchant).