As part of our review of the Contingent Reimbursement Model Code (CRM Code), we have published a roadmap outlining the upcoming activity we will be undertaking in 2021. This timeline includes updates to the wording of the Code, a Call for Input and ongoing activity with key stakeholders. You can access a copy of the roadmap here.
The CRM Code review carried out in 2020 took account of findings from a public consultation, thematic reviews conducted by the LSB, stakeholder meetings and data provided by signatory firms. It sought to better understand how effective the Code has been in achieving its objectives to provide greater consumer protection, as well as to understand the impact it has had on the volume of Authorised Push Payment scams taking place. The key findings and our recommendations from the review were published earlier this year.
Alongside the activity outlined in the roadmap published today, we have begun work on a follow up review of provision R2 1(c) – approach to reimbursement of customers, the outcomes of which will be published later this year.