Following their full review of the Contingent Reimbursement Model Code for Authorised Push Payment (APP) scams (the CRM Code), published in January 2021, the Lending Standards Board (LSB), governing body of the Code, is now issuing a further Call for Input which seeks to explore findings from the review in more detail.
The voluntary Code, launched in May 2019, sets out consumer protection standards to detect, prevent and respond to APP scams. Signatory firms make a commitment to reimburse customers who lose money where they were not to blame for the success of a scam.
The LSB’s review of the Code set out recommendations, to be taken forward by the LSB and stakeholders, to ensure that the Code is working effectively in providing greater protections for consumers. Within the review, the LSB committed to exploring several topics and seeking further industry input to help shape policy and Code decisions about them.
The Call for Input is open to Code signatories, other firms, consumer representatives and the industry and will explore the following:
- That the scope of the Code should more fully reflect the evolving nature and complexity of APP scams to ensure that it is able to remain relevant and in line with developments in the wider payments landscape.
- That the Code should recognise the wider range of participants within the payments industry whilst ensuring that it retains a consistent approach to the standards of protections provided.
- That the Code should more fully reflect the roles and responsibilities of receiving firms in the customer payment journey.
The Call for Input forms part of a range of activity that the LSB is undertaking following their review. Further information about this is set out in their roadmap.