Payment Systems Regulator and UK Finance welcome introduction of new industry code to protect victims of authorised push payment scams

Industry News | 28/05/19

The Payment Systems Regulator (PSR) and UK Finance have welcomed the introduction of a new industry code, jointly developed by consumer groups and the industry, with the intention of providing better protection for people who fall victim to authorised push payment (APP) scams. Under the new code, if an individual falls victim to an APP scam and notifies their bank, the bank (if it has signed up to the code) will determine whether to reimburse that customer within 15 working days. The code came into force on 28 May 2019.