The CRM Code
The CRM Code sets out consumer protection standards to reduce APP scams, which occur when customers are tricked into authorising a payment to an account they believe belongs to a legitimate payee.
Signatory firms commit to:
- protecting their customers with procedures to detect, prevent and respond to APP scams; and
- greater prevention of accounts being used to launder the proceeds of APP scams,
- a customer of a firm which is signed up to the Code can expect to be reimbursed where they were not to blame for the success of a scam.
In January 2021, the LSB published its report following a review of the Code. A timeline of activity to implement the recommendations made in the report was published in February 2021.