Jenny Ross, Which? Money Editor, said:
“This agreement is merely a stopgap that highlights the industry’s failure to secure vital long-term reimbursement for innocent victims of devastating transfer fraud.
“It’s clear that a voluntary, industry-led approach to protecting scam victims is not enough. The next government must work with the regulator to make the code and reimbursement mandatory – to finally ensure millions of people are no longer at risk of losing life-changing sums of money.”