Following its consultation on a reimbursement scheme for victims of bank transfer scams, the Payments Systems Regulator (PSR) has today confirmed that it will press ahead with plans to better protect scams victims.
It has also announced the formation of a steering group to design the code that will underpin the reimbursement scheme, setting out the members as well as the key principles and objectives of the group for the next six months. Forming this steering group alongside Which? are Age UK, Toynbee Hall, and representatives from the banking and tech industries.
The group will deliver an interim set of rules by the end of September. These will then be consulted on with a final set agreed by the end of the year.
However, from September, the Financial Ombudsman Service (FOS) will be able to use the draft code when determining new consumer complaints about authorised push payment scams.
Which? Money Expert, Gareth Shaw, said:
‘The introduction of a steering group, that includes Which?, should help to ensure this much-needed reimbursement scheme properly compensates victims who have been left out of pocket through no fault of their own.
‘While this vital scheme is welcome, the industry must also use other measures to better protect consumers at the point of transfer to stop such scams happening in the first place.’