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UK reportedly poised to slash amount banks must refund to fraud victims

https://www.theguardian.com/business/article/2024/sep/03/uk-reportedly-poised-to-slash-amount-banks-must-refund-to-victims

Regulator said to be planning cut to maximum amount available to victims from £415,000 to about £85,000

UK reportedly poised to slash amount banks must refund to fraud victims

Regulator said to be planning cut to maximum amount available to victims from £415,000 to about £85,000

Archived version: https://archive.ph/46uXf

SpinScore: https://spinscore.io/?url=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2Farticle%2F2024%2Fsep%2F03%2Fuk-reportedly-poised-to-slash-amount-banks-must-refund-to-victims

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manualoverride

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The title is misleading, this is new legalisation, the current amount that has to be refunded is £0.

It’s in consultation, £415k would be nice… but £85k is still better than nothing, and will fully protect the vast majority of fraud victims.

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