Payment regulator accused of sidelining scam victims after finance chiefs successfully lobby to water down new reimbursement rules
Compensation payments for scam victims, which are now voluntary, are being made mandatory from early next month under rules set byThe cap is designed to protect consumers from fraud while incentivising payment companies to strengthen their anti-fraud measures while providing an efficient service for customers.
They claim many will still be at risk if hit by multiple claims. They also warn that many smaller payment firms will struggle to meet the mandatory refund deadline date.The compensation U-turn followed a two-week consultation period. In a statement, the Payment Systems Regulator said: “This was a carefully balanced decision – which provides significant protection to fraud victims and strikes an appropriate balance having regard to the PSR’s innovation and competition objectives and making sure that payment systems work well for everyone”.