This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

‘Ridiculous’ to make banks reimburse fraud where victim was warned, UK lawmaker says

By Phoebe Seers ( November 6, 2024, 14:02 GMT | Insight) -- A UK lawmaker scrutinizing financial services regulation today said it was "ridiculous" that banks should have to reimburse fraud where the victim had been warned they were sending money to a scammer. The new rules on reimbursing APP fraud provide an exemption for banks and payment firms from liability where the customer has been "grossly negligent" but the financial services regulation committee heard evidence that the rules were confusing and it's "unclear if a payments firm can ever win a gross negligence case."A UK lawmaker scrutinizing financial services regulation today poured scorn on the newly implemented fraud reimbursement regime. House of Lords member Michael Forsyth said it was “ridiculous” that banks were having to reimburse fraud where they had warned the victim that they were sending money to a scammer. ...

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login