We have today published a Memorandum of Understanding with Payments Systems Regulator (PSR), demonstrating our joint commitment to a collaborative working relationship.
The Memorandum records the framework for co-operation and communication between the Lending Standards Board (LSB) and PSR, taking account of each organisations important role in working to provide protections for customers from Authorised Push Payment (APP) scams.
As governors of the Contingent Reimbursement Model Code (CRM Code), the only set of protections of its kind for customers from APP scams, we champion collaboration within the industry and beyond in preventing scams and protecting customers from their devastating impact.
Working collaboratively with the Regulator, we strive to:
- further improve detection and prevention of APP scams;
- improve protections and outcomes for victims of APP scams through reimbursement, repatriation, and vitally, prevention measures to stop scams occurring; and
- determine how further enhancements can be made to the existing protections in place.
Together, we recognise the desirability of promoting an approach to the oversight and regulation of APP scams that is coordinated, transparent, and proportionate. This Memorandum sets out how we will look to achieve that approach.
