Banking code offering 'increased protection from criminals' takes effect

28 May 2019

From 28 May 2019, a new 'banking code' designed to offer consumers 'increased protection from criminals' takes effect.

Consumer group Which? recently revealed that £674 is lost every minute via bank transfer scams. The new code requires banks and payment providers to follow a 'new set of standards' in order to offer 'better protection' to consumers. Many banks have already signed up to the code.

Commenting on the issue, Stephen Jones, Chief Executive of trade association UK Finance, said: 'Protecting customers from the threat of scams and stopping money going to criminals are amongst the finance industry's foremost priorities.

'Over the last year, the industry has been working in partnership with consumer groups, including Which?, to develop the code, which helps strengthen standards for consumer protection and reimbursement.

'The new code delivers a commitment from all firms who sign up to it to reimburse victims of authorised push payment scams in any scenario where the customer has met the minimum standards expected of them under the new code.'

For more information on the code, please click here.

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Higgisons was formed by John Higgison in Oxford Street in 1965 and was originally part of the Accountancy Tuition Centre until James McHale became managing partner and the firm moved to its City Road premises in 1982.

We like to become involved at the planning stage of the formation of a business venture to ensure that it is structured as flexibly and efficiently as possible so that it can cope with changes in legislation or personal circumstances.

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