Virgin Money becomes an interim registered firm with the Lending Standards Board’s Contingent Reimbursement Model (CRM) Code

Independent regulatory body, the Lending Standards Board (LSB), are delighted to name Virgin Money as the next firm to sign up to the CRM Code. The Code is dedicated to preventing, detecting, and mitigating authorised push payment (APP) scams.

As the UK’s sixth largest bank, signing up to interim registration signals Virgin Money’s commitment to providing customers with increased levels of protection against APP scams.

The LSB will work with Virgin Money to guarantee that it implements all the protections the Code sets out, in order to reach full registration. This includes a review of its current practices regarding APP scams and ensuring the proper framework is in place to prevent and detect scams, as well as reimbursing its customers where necessary.  

Fergus Murphy, Chief Customer Experience Officer at Virgin Money commented on the interim registration, saying, ‘Scams can have a devastating impact on victims, which is why protecting our customers and keeping their money safe has always been our number one priority. Our commitment to adopting the CRM Code as we build our leading digital current account is evidence of our ongoing efforts to both protect our customers from authorised push payment fraud and support them as much as possible should they fall victim to scammers.’

Emma Lovell, Chief Executive at the LSB, added ‘We are delighted to welcome Virgin Money as an interim registered firm of the CRM Code. As the sixth largest bank on the high street, and a prominent challenger brand, the sign up sends a powerful message that protecting customers from APP scams should be a priority for all banks and financial services firms.’

Virgin Money will become a fully registered firm with the CRM Code within the year.

If you’d be interested in signing up to the LSB’s CRM Code, please read here for further information.

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Registering with the LSB signals a commitment to deliver the highest standards of customer treatment.

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