The Payment Systems Regulator (PSR) has announced that it is introducing a contingent reimbursement model for victims of authorised push payment (APP) scams. The PSR states that an industry code will be in place paving the way for victims of APP scams to have better protection.
The industry code will be in place from September 2018, which the Financial Ombudsman Service can take into account as a relevant consideration when determining new consumer complaints about APP scams. From September the industry code will be publicly consulted on to be refined in early 2019 and the regulator expects that it will continue to evolve to ensure preventative measures are up to date.
View PSR confirms plans to protect victims of payment scams, 28 February 2018