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 ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.