Question
To ask the Chancellor of the Exchequer, when he plans to respond to the Treasury Committee's Economic Crime Report published on 2 February 2022; what assessment he has made of (a) the potential merits of that report's recommendations on authorised push payment scams and (b) the effectiveness of the Contingent Reimbursement Model Code in providing sufficient protection to consumers in the context of the findings of that report on that matter.
Answer
The Government has now shared its response to the Treasury Select Committee’s Economic Crime report with the Committee.
The Government is committed to tackling fraud within payment networks, including to protect people against Authorised Push Payment (APP) fraud. The Government welcomed the publication of the Payment Systems Regulator’s (PSR) Consultation on 18 November 2021 regarding further measures to counter APP scams, and announced alongside that it would address any legislative barriers to the PSR taking regulatory action on mandatory APP reimbursement.