The LSB has published its review into the CRM Code for APP scams. The review of the voluntary code looked to see how effective it has been in providing greater consumer protection, and to see whether it has had an impact on the volume of scams.
The Code is accepted to address a gap in the payment landscape and to increase customer protection when used properly. But there have been inconsistencies in how firms use it, and LSB is now to introduce a Governance and Oversight provision in the Code to address both these and lack of awareness.
In terms of success in reducing scams, LSB notes that reimbursement levels are only one measure, and that it needs to work with firms to define other measures of success. It has also been disappointed with the relatively slow uptake of firms becoming signatories to the Code.