Which? response to APP code funding extension

Gareth Shaw, Head of Money at Which?, said:

“While this latest extension will provide some short-term breathing space, it only exposes how far away the industry and regulators are from finding a permanent solution for reimbursing innocent bank customers who fall victim to scams.

“A voluntary industry-led approach is not a long-term solution to the problem. The government must consider directing 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.”