Fraud: Compensation
The question
To ask the Chancellor of the Exchequer, what discussions she has had with the Financial Conduct Authority on the time taken for banks to pay refunds to victims of phishing scams; and if she will make an assessment of the potential impact of those delays on the level of refund available to customers.
Answered by Lucy Rigby
The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. The Payment Systems Regulator (PSR) is the independent regulator with responsibility for the Authorised Push Payment (APP) scam reimbursement regime.
The PSR’s rules require in scope Payment Service Providers (PSPs) to reimburse victims of APP scams which take place over the Faster Payments System within five business days of making a claim. However, PSPs may take longer in specific circumstances, including where it may need more time to gather sufficient information from the victim or third parties to help assess the claim. The PSR monitors compliance with the reimbursement regime closely and has powers to take action where firms fall short of their obligations.
Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at the link below. https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
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