Jenny Ross, Which? Money Editor, said:
“Three years on since we made our super-complaint and this is yet another missed opportunity to properly protect people against the devastating consequences of bank transfer fraud.
“It is incredibly disappointing that the banking industry cannot reach agreement on how to reimburse innocent customers, and no one else seems willing to step up to protect victims.
“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.”