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APP Scams Steering Group Draft Contingent Reimbursement Model Code

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APP Scams Steering Group Draft Contingent Reimbursement Model Code September 2018 APP Scams Steering Group Draft Contingent Reimbursement Model Code CONSULTATION PAPER Non confidential responses Part 1 1 IMPORTANT NOTICE This document includes consultation responses to the Draft Contingent Reimbursement Model Code (published in September 2018) of the APP Scams Steering Group. The Steering Group provided a non-exhaustive list of consultation questions and invited feedback to the further development of the code. Respondents were asked to clearly mark any confidential information contained in the response which should not be published. Only the group’s Chair and the group’s independent adviser will see this confidential information. The Chair, independent adviser and independent economic consultancy (Cambridge Economic Policy Associates, see www.cepa.co.uk) will provide the information to the rest of the steering group on an appropriately anonymised basis. The responses published in this document have been submitted via the PSR and have been confirmed by the respondents as being non-confidential. Checks have been carried out to ensure no confidential information has been inadvertently released. Responses are included in alphabetical order within the respective sub-categories. CONTENTS 1. Responses from Payment Systems Providers......................................................................................................................................... 4 1.1. Atom Bank ......................................................................................................................................................................................... 4 1.2. Barclays ............................................................................................................................................................................................. 10 1.3. Handelsbanken ............................................................................................................................................................................... 30 1.4. HSBC Bank ...................................................................................................................................................................................... 31 1.5. HSBC UK Bank .............................................................................................................................................................................. 35 1.6. Lloyds Banking Group .................................................................................................................................................................. 57 1.7. Nationwide Building Society ....................................................................................................................................................... 70 1.8. RBS .................................................................................................................................................................................................... 87 1.9. Santander ....................................................................................................................................................................................... 100 1.10. Transferwise ................................................................................................................................................................................. 119 1.11. Transpact ....................................................................................................................................................................................... 125 2. Responses from Consumer Groups .................................................................................................................................................... 132 2.1. Age Cymru .................................................................................................................................................................................... 132 2.2. Age UK ........................................................................................................................................................................................... 134 2.3. Consumer Council ...................................................................................................................................................................... 150 2.4. Financial Services Consumer Panel ......................................................................................................................................... 159 2.5. Victim Support ............................................................................................................................................................................. 166 2.6. Which? ............................................................................................................................................................................................ 170 3. Responses From other organisations .................................................................................................................................................. 179 3.1. ActionScam (Buster Jack) .......................................................................................................................................................... 179 3.2. British Retail Consortium ......................................................................................................................................................... 184 3.3. Building Societies Association .................................................................................................................................................. 189 3.4. City of London Corporation Trading Standards Service and the Chartered Trading Standards Institute ........ 205 3.5. City of London Police................................................................................................................................................................. 211 3.6. Daily Mail (Money Mail) ............................................................................................................................................................. 212 3.7. Dudley Trading Standards ......................................................................................................................................................... 214 3.8. Electronic Money Association.................................................................................................................................................. 216 3.9. Fraud Advisory Panel .................................................................................................................................................................. 240 3.10. Lyddon Consulting ...................................................................................................................................................................... 250 3.11. MoneySavingExpert.com ............................................................................................................................................................ 263 3.12. National Trading Standards Scams Team ............................................................................................................................. 265 3.13. Sunday Times ................................................................................................................................................................................ 269 3.14. Telegraph Money ......................................................................................................................................................................... 271 3.15. UK Finance .................................................................................................................................................................................... 278 4. Responses from Members of the Public ............................................................................................................................................. 297 4.1. Steven Murdoch ........................................................................................................................................................................... 297 4.2. Members of the Public 2-19 ..................................................................................................................................................... 305 Atom Bank Consultation Paper Response APP Scams Draft Contingent Reimbursement Model Code Atom Bank welcomes the opportunity to comment on the Draft Contingent Reimbursement Model Code; published by the APP Scams Steering Group in September 2018, particularly as we feel challenger bank opinions were not adequately represented in the drafting of the Code. As a digital bank one of our priorities is to ensure that we are a leading business when it comes to the security and protection of our customer’s data and money. Atom are fully supportive of the FCA’s operational objectives designed to protect customers, protect financial markets and promote competition so we can see the welcome benefits of this forthcoming additional customer protection. At the same time, however, we are mindful that the established banks will have significant advantages in implementing the Code, versus those that the challenger banks/ new entrants may enjoy. We have outlined these challenges in our responses below. Atom currently offers Fixed Term Saver accounts. APP scams are not currently
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