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Pay.UK response to Treasury Committee report into Economic Crime

Pay.UK takes the issue of fraud very seriously and strongly supports the view that victims of fraud should be reimbursed when they are not to blame. More broadly, Pay.UK wants to work with the payments industry to do all it can to ensure consumers are protected and don’t fall victim to fraud.

Pay.UK welcomes the publication of the Treasury Committee’s report into Economic Crime.  As we consider the report’s overall conclusions, we are supportive of the view that the Contingent Reimbursement Model (CRM) Code should be underpinned in legislation. In particular, giving public policy makers and regulators the ability to put in place market-wide rules to protect the interests of victims of fraud is something that we strongly support.

We are currently considering some of the challenges posed by the voluntary nature of the CRM Code through our CRM Fee ‘Call for Information’. While that work is still to be completed, we note that a legislative provision could resolve many of the issues that our stakeholders have raised around the voluntary aspects of the code.

The ability to reimburse customers has always been in the hands of the payment service providers that serve them. We share the industry drive to find an effective and inclusive approach to ensuring consistent treatment for all customers.