Rocio Concha, Which? Director of Policy and Advocacy, said:
“The Treasury Select Committee is right to say that victims of APP fraud deserve better treatment than the reimbursement lottery they currently face and that plans for mandatory reimbursement need strong regulation.
“The Government should heed the committee’s warnings and amend the Financial Services & Markets Bill to make the Payment Systems Regulator responsible for introducing a reimbursement obligation on payments firms and enforcing it, so that scam victims have a reimbursement scheme they can rely on.
Notes to Editors
– Which? is concerned about the Payment Systems Regulator’s current proposal to direct Pay.UK to introduce this reimbursement obligation into Faster Payments scheme rules as it lacks the PSR’s enforcement powers, cannot currently make rules for indirect Faster Payments participants, and does not cover CHAPS payments.