PSR welcomes draft APP reimbursement code

The APP Scams Steering Group, set up by the PSR, is consulting on a draft industry code to reimburse victims of APP scams. The code sets standards for industry to meet to help get appropriate treatment for customers. The code proposes, among other things, that where a consumer has met their requisite level of care (which the code also suggests), then the consumer should be reimbursed. Consultation closes on 15 November. In the meantime, PSR itself plans to consult by the end of the year on giving a General Direction to banks and PSPs that are participants in Faster Payments  to implement confirmation of payee.