Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the July 2019 implementation date of the Contingent Reimbursement Model Code on victims of authorised push payment scams that occurred before that date; and whether she plans to review redress mechanisms to ensure consistent treatment of victims regardless of when losses occurred.

The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime. To protect consumers, under the Financial Services and Markets Act 2023, the Payment Systems Regulator (PSR) has introduced a mandatory reimbursement regime for Authorised Push Payment (APP) scams taking place over the Faster Payment system. This came into force on 7 October 2024. The details of the APP reimbursement regime are a matter for the independent PSR.

Transactions that occurred before 7 October 2024, may be governed by the Contingent Reimbursement Model (CRM), a voluntary code signed by the UK’s largest banks and building societies that came into force in May 2019. However, it is important to note that not all banks or building societies are party to the CRM code. The CRM code is overseen by the Lending Standards Board and more information can be found on their website.