Which?: Huge win for consumers as Treasury commits to legislation for mandatory reimbursement for scam victims

Anabel Hoult, Which? Chief Executive, said:

“Five years on from Which?’s super-complaint on bank transfer scams, this commitment from the Treasury to legislate to make reimbursement mandatory is a huge win for consumers.

“People are still losing life-changing sums of money every day, so the Treasury must move swiftly towards introducing the necessary legislation. The regulator must also ensure it is ready to put in place mandatory reimbursement rules the moment that legislation is passed, so fraud victims are treated fairly and consistently when trying to get their money back.

“Which? has been calling for banks to come clean on how they treat fraud victims, so it’s positive that the PSR is planning to direct firms to publish data that shows fraud case numbers and how often they reimburse customers. The banks must cooperate fully with putting in place these long overdue requirements.”

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