Jenni Allen, Managing Director, Which? Money, said:
“Recognition, at long last, that customers who lose money to this type of scam through no fault of their own should be reimbursed is a significant win for consumers.
“Two years on since our super-complaint highlighted a lack of protection for bank customers, the situation has been getting drastically worse.
“It’s simply unacceptable that in cases where banks claim they could not have done anything more, it will still be the victim who is left to bear the cost – often with devastating consequences. Urgent action is needed to address this injustice.
“The new code will only be judged a success when banks’ actions to protect their customers result in fewer scams, and those targeted by these sophisticated criminals are treated fairly and reimbursed swiftly.”