As of today, 1 July, the LSB takes over responsibility for the governance and oversight of the Contingent Reimbursement Model Code for Authorised Push Payment Scams (CRM Code).
The CRM Code sets out increased consumer protection standards which will help reduce the number of APP scams. This includes requiring firms to protect customers with procedures to detect, prevent and respond to APP scams, and greater prevention of accounts being used to launder the proceeds of APP scams, along with committing to reimburse customers in certain circumstances.
Our governance and oversight role will seek to provide consistency in treatment for customers from their payment service provider if they become a victim of an APP scam through ensuring firms are adhering to the provisions of the CRM Code. This role will entail:
- Providing independent oversight of the full implementation of the CRM Code by all signatories and of the effectiveness of the Code, post implementation.
- Maintaining and refining the Code, where required, so that it remains effective.
- Ensuring that issues raised through its oversight are addressed, at and individual PSP level or signatory wide basis.
- Reporting on our work through summary reports following thematic reviews.
For more information on the CRM Code, and a list of firms currently signed up, click here.
For media queries relating to the CRM Code, contact Lola Reid at Portland Communications: lola.reid@portland-communications.com
