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LSB announces closure of the CRM Code for APP fraud

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Published on: 04 October 2024
Published by LNB News

LNB News 04/10/2024

Document Information

Issue Date: 04 October 2024

Published Date: 04 October 2024

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Lending Standards Board (LSB) has announced that the Contingent Reimbursement Model (CRM) Code, which requires signatory payment service providers to detect, prevent and reimburse Authorised Push Payment (APP) fraud, will close on 7 October 2024. It is to be replaced by a statutory framework for the reimbursement of APP fraud victims, which will be overseen by the Payment Systems Regulator (PSR).

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Jurisdiction(s):
England, Northern Ireland, Scotland and Wales

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