New plans to reimburse scam victims will be “half-baked” unless regulators take stronger action to protect consumers, MPs have warned
have previously called for the code to be mandatory in the face of growing harm from APP fraud. The Financial Services and Markets Bill currently making its way through Parliament will require the PSR to establish a system for mandatory reimbursement of APP fraud over the Faster Payments system.
They are questioning why frauds under £100 would not be fully refunded, despite almost one in four APP scams involving amounts less than £100.Some banks claimed that levels should be set between £200 and £1,000, warning that mandatory reimbursement could lead to moral hazard. However, they provided “very limited evidence” to back this up, the PSR report said.
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