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UK customers face account closures in response to mandatory fraud reimbursement

( July 10, 2024, 14:13 GMT | Official Statement) -- MLex Summary: A proportion of UK payments firms plan to close accounts of customers deemed too high-risk in response to a looming mandatory fraud reimbursement regime. The Payments Association surveyed banks, non-bank financial institutions, tech and payments firms. 14 percent of those familiar with the Payment Systems Regulator’s fraud reimbursement regime said they planned to close high risk accounts. Additionally, 70 percent said they would implement a combination of strategies in response to the new regime, which also included introducing new fees, and limiting transactions based on a maximum value. The new regime is due to come into effect in October.Survey attached. ...

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