Question to the Home Office:

To ask the Secretary of State for the Home Department, if he will introduce legislation to mandate information sharing between (a) payment service providers, (b) technology companies and (c) telecommunications companies.

Under current regulations, victims of unauthorised bank fraud are automatically entitled to reimbursement in virtually all cases. This is not the case with victims of authorised push payment (APP) fraud – currently ten of the UK’s largest banks are signed up to the voluntary Contingent Reimbursement Model (CRM) Code.

The government have legislated through the Financial Services and Markets Act 2023 to require the Payments System Regulator (PSR) to introduce mandatory reimbursement for APP scams within the Faster Payment System, where 98% of APP fraud takes place.

The PSR have confirmed that mandatory reimbursement will come into force in October 2024.