Responding to the Lending Standards Board’s (LSB) summary report, Chris Hemsley, Managing Director of the Payment Systems Regulator says:
“The voluntary industry code is up and running with industry implementing systems and processes to deliver the objective of this code.
“There are some encouraging signs that those systems and processes are beginning to align and take shape, but they aren’t there yet. I’m pleased that the LSB is leading on driving alignment across the industry to make sure the right outcomes are delivered for consumers.
“Today’s report highlights the work that the code’s signatories still need to do. An important part of this code is to make sure victims of APP scams are reimbursed if they have done nothing wrong. The data we have seen so far suggests the industry isn’t achieving the right outcomes at the moment, which is why I called on them to take swift action to do more.”
The publication of the LSB's summary report follows the PSR's conference call with industry on 30 March 2020. There is a real need to drive better outcomes for consumers and the PSR will continue to play its role in the fight against APP fraud. The PSR will work with industry to ensure that the options the PSR has presented are thoroughly explored and, through collaboration, identify a workable solution to the concerns we have raised.