Followers of the industry response to the ever-growing issue of APP (and non-APP) fraud will recall the Which? super-complaint in 2016 - which sparked a response and consultation by the Payment Services Regulator (and FCA).
In time, this led to the following material developments:
- The expansion of the FOS jurisdiction to consider complaints against recipients' banks (where the complainant is not the bank's customer);
- Focus on an industry-wide Confirmation of Payee protocol (delayed but due in 2020); and
- The introduction of the Contingent Reimbursement Model Code in May 2019.
So when Which? and the Treasury Committee suggest more must be done (including retrospective refunds) - the payments industry should take notice. The Treasury Committee's Economic Crime: Consumer Review published this month is essential reading and, despite the Committee's dissolution for the General Election, it is likely to drive future Government policy (and regulation).
Refund all victims of bank transfer scams, say MPs - The Treasury Select Committee calls for retrospective compensation for scam victims