UK payments watchdog rejects industry call to delay fraud refund plan
Jun 14, 2024 1:37:20 PM
Summary of Development
The interim head of the UK payments regulator, David Geale, has rejected industry calls to delay a fraud reimbursement plan requiring banks and payment companies to compensate victims of authorised push payment fraud up to £415,000 from October. Geale emphasised the urgency of addressing APP fraud, committing to the October implementation while supporting the industry's efforts to meet new requirements. This decision comes despite criticism from the Payments Association and smaller fintech companies, who argue that a delay would allow better preparation and prevent industry harm. Consumer advocates, like Which?, also criticised the industry’s delay request, urging payment companies to focus on protecting customers.