The Payments Council has published a Code of Practice on 17 April 2014, which sets out best practice for PSPs in relation to misdirected payments paid via CHAPs, BACs or Faster Payments. The Code, which is voluntary, aims to increase transparency for consumers and provide time limits for dealing with misdirected payments.

What this means for you

PSPs will need to decide whether they want to increase the potential for greater consumer satisfaction by subscribing to the Code.