UK BANKS CONSIDER SETTING UP FRAUD COMPENSATION FUND
September 1st, 2019 UK banks are mulling setting up a fund to compensate victims of banking fraud. The British banking trade association, UK Finance, has written to the retail banking authority Pay.UK proposing it sets up a ‘No Blame Fund Trust’, financed by a GBP0.029 pence per transaction levy or ‘contingent reimbursement model’ (CRM) on faster payment transactions over GBP30. The first 100,000 transactions per year for each participating bank would be exempt. Individual banks would have to decide whether they pass that fee onto customers. The levy, which would be to be ...
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