Regulator publishes final Terms of Reference following super-complaint

Following our super-complaint, the Payment Systems Regulator (PSR) has published the final Terms of Reference for its program of work to tackle bank transfer scams.

The PSR listened to feedback from Which?, as well as others, and accepted many of our points, including ensuring that:

  • the focus is on seeing better outcomes for consumers;
  • any proposals consider the way that scammers quickly adapt their methods and are future proofed; and
  • there is a clear timetable that starts to deliver real change for consumers quickly.

‘There is a massive gap in consumer protection for victims and we are yet to see improvements from the banks to stop people losing life-changing sums of money. We want the banks and regulators to be doing much more to protect consumers when they are tricked into transferring money to a fraudster.’

It’s now six months since we first raised the alarm, and we’ve not seen many changes from banks in terms of how they’re preventing customers from losing money.