Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The Deputy has submitted parliamentary question on this issue recently. As PSD2 is a maximum harmonisation directive, member states may not maintain or introduce provisions through the European Union payment services regulations other than those laid down in the directive, including the introduction of provisions to require reimbursement from payment service providers to victims of authorised push payment fraud. I have raised this issue with my officials. I am advised that the introduction of domestic legislation requiring reimbursement from payment service providers to victims of authorised push payment fraud could lead to unintended consequences and introduce impediments into the payment system causing roadblocks for ordinary users. While preventing fraud is a priority, it is important that any action taken to solve the issue must be considered within the wider European context.

As the Deputy will be aware, the European Commission is undertaking a review of PSD2, which is expected to cover a wide variety of areas relating to the directive and is likely to result in a new legislative proposal, the third payment service directive, PSD3.

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