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UK banks' new regulatory obligation to follow fraud reimbursement rules wins lawmakers' welcome

By Phoebe Seers ( June 8, 2023, 11:20 GMT | Insight) -- A change to the UK’s mandatory fraud reimbursement plan that puts a direct regulatory obligation on banks and other payment services providers to comply with the new regime has won a welcome from lawmakers. A previous iteration saw industry body Pay.UK solely responsible for implementing and enforcing the reimbursement regime, drawing criticism of a conflict of interest.An amendment to the UK’s mandatory fraud reimbursement plan that puts a direct regulatory obligation on banks and other payment services providers to comply with the new regime has won a welcome from lawmakers....

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