Banks: Authorised Push Payment Fraud

Baroness Wheatcroft Excerpts

Thursday 11th June 2020 Lords Chamber

[Baroness Penn]

The code is little over a year old. However, the Lending Standards Board will follow up on the review it has made of reimbursements with each of those firms. The follow-up exercise will take place later in 2020, to ensure that all actions recommended are fully embedded and that customers are properly reimbursed.

[Baroness Wheatcroft (Non-Afl) [V]]

My Lords, the code is clearly not perfect, but it is better than nothing, yet several significant banks have not signed up to it. Does the Minister believe that those banks should make it crystal clear to their customers that they have not signed up to the code?

[Baroness Penn]

Some banks have not signed up to the code, because they believe that their actions go further than it but take a slightly different approach. However, 90% of the total volume of transactions is covered by banks signed up to the code, and we welcome further banks signing up.