LSB says the responses it received to its call for input on the CRM Code suggest the risk of APP scams is not evenly distributed among payment providers, and some respondents thought it did not cater for certain business models – especially as scams continue to evolve. So LSB is to review the Code with a view to amending the wording so more firms can sign up to it. It has introduced interim registration so that firms can commit to becoming fully registered within a certain timeframe.
LSB is also to set out a timeline for making the CoP provisions effective for firms with that functionality.
There will be a further update in the autumn.