Sector Regulation Sector Regulation

Scam reimbursement proposal ‘half-baked,’ UK lawmakers say

By Phoebe Seers
  • 04 Mar 2023 00:01
  • 02 Mar 2023 15:39
A proposal to require banks to reimburse authorized push payment fraud victims has been described by UK lawmakers as “half-baked” after the payments regulator revealed that the provision, as currently drafted, would render nearly a quarter of APP scam victims ineligible for compensation. 

Lawmakers also revealed that the Financial Conduct Authority is working

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Phoebe Seers


Phoebe has covered Financial Crime and compliance issues for MLex since 2015, initially in the Hong Kong bureau and currently in London. While in Hong Kong she won two SOPA awards for her reporting on corruption in the energy sector in Indonesia. Prior to journalism she worked as a solicitor with a focus on white-collar crime litigation in London and Hong Kong. She has a BA in English and Philosophy from Newcastle University.

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