n 28th May 2019 the major banks agreed a new voluntary Code of Practice (The Code) and a Contingent Reimbursement Model (CRM).
The purpose of The Code and CRM is to provide a framework under which victims of Authorised Push Payment Fraud can ask their bank for a refund (actually called a ‘reimbursement’)
The introduction to The Code (as copy of which can be downloaded here) reads as follows:Authorised Push Payment scam, that is, a transfer of funds executed across Faster Payments, CHAPS or an internal book transfer, authorised by a Customer in accordance with regulation 67 of the PSRs, where
The Customer intended to transfer funds to another person, but was instead deceived into transferring the funds to a different person; or
The Customer transferred funds to another person for what they believed were legitimate purposes but which were in fact fraudulent.
The Lending Standards Board issued a new version of The CRM Code on 28 April 2022. They have also created a document called “Information for Customers”. Both of these can be downloaded here.
If you are unsure about making a claim under The Code, or if the banks don’t agreed your refund, please email me.