- UK Finance CEO responds to Which? letter regarding the launch of the Authorised Push Payment Scam Voluntary Code(the Code)
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24th May 2019
UK Finance CEO responds to Which? letter regarding the launch of the Authorised Push Payment Scam Voluntary Code(the Code)
Responding to Which?’s letter regarding the launch of the Authorised Push Payment Scam Voluntary Code(the Code), Stephen Jones, ceo, UK Finance, comments “Protecting customers from the threat of scams and stopping money going to criminals are amongst the finance industry’s foremost priorities. Over the last year, the industry has been working in partnership with consumer groups, including Which?, to develop the Code which helps strengthen standards for customer protection and reimbursement. The new Code delivers a commitment from all firms who sign up to it to reimburse victims of authorised push payment scams in any scenario where the customer has met the minimum standards expected of them under the Code.
It is vital that we get the right outcome for customers by ensuring that customers making payments are not penalised for the criminal actions of others even in circumstances where the payment services provider has done everything reasonably expected of it to protect the customer under the Code. This is why the industry has committed to provide initial funding from the implementation of the Code on 28th May until the end of 2019 to reimburse customers of signatory firms even in those situations where both the customer and their payment service provider meet the required standards set out in the Code, the so called “no blame” scenario.
This initial “no blame” funding is intended to provide the necessary time for the industry to work with the regulators and government to deliver sustainable long-term funding for this reimbursement fund by January 2020. We hope the Payment Systems Regulator will do everything in its power to support the industry to ensure a long-term solution can be introduced, including using its regulatory powers if required, to ensure a sustainable “no blame” funding solution.
Meanwhile, the industry will continue to fight fraud on every front to protect customers and prevent this kind of crime–investing in advanced security systems and new ways to track stolen funds, preparing for the roll out of “confirmation of payee” capability across payment systems, assisting law enforcement in tackling the criminals and supporting the government in improving how intelligence is shared.”