The APP Scams Steering Group has published a voluntary code of practice. It will come into effect on 28 May when members of the Steering Group will abide by the code, and encourage other financial service providers to do the same.
Commenting, BSA Policy Manager, James O’Sullivan said:
“Authorised Push Payment Fraud is a very real issue for those consumers who fall victim to it and we have long supported the principles and objectives of a voluntary code to protect consumers and reimburse APP fraud victims appropriately.
"We therefore welcome the publication of the voluntary code of good practice by the Authorised Push Payment (APP) Scams Steering Group.
“Our focus now is the practical application of the code, particularly to smaller, savings account-based PSPs such as building societies and credit unions.
"To that end, with the final code in hand we will be working closely with UK Finance, the Electronic Money Association and ABCUL over the next few months.
"It is critical that this code delivers for consumers and is capable of delivery by all financial services providers irrespective of their size and structure.”
The final code
BSA Policy Brief (you will need to be signed in as a member to read this)