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Comment: UK banks looking to avoid bailing out fraud victims must make ‘gross negligence’ exemption work for them

By Fiona Maxwell ( August 15, 2023, 16:31 GMT | Comment) -- UK banks won't have to reimburse victims of payment fraud if they have demonstrated "gross negligence," under new proposals published by the UK regulator today, but that's a loosely defined concept that will leave financial institutions scratching their heads. The regulator has proposed a mandatory reimbursement policy up to a cap of 415,000 pounds, which banks fear will encourage carelessness among customers.UK banks may soon have to start reimbursing customers that fall victim to payment fraud to the tune of hundreds of thousands of pounds unless they have shown “gross negligence” — a loosely defined concept that will prove key....

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