Gareth Shaw, Head of Money at Which?, said:
“This sticking plaster agreement provides short-term relief for consumers but these temporary fixes can not continue indefinitely. A permanent solution must be established to ensure funding is available to reimburse innocent victims of fraud.
“The scams code needs to be urgently overhauled to ensure that consumers are properly protected and blameless scam victims get their money back.
“It must be made mandatory for all banks and payment providers. Stronger enforcement is also needed to ensure that firms are sticking to the rules on reimbursing customers who are not at fault, in order to bring an end to the refund lottery that consumers currently face.”