Fx Remittance

A bank must provide an effective warning tailored to the specific scam risk before relying on the CRM Code exception to deny reimbursement to an APP scam victim.

Firms must provide effective support to customers to enable proper use of banking products and services, and should recognise when standard processes are failing and explore alternative solutions.

A bank must treat customers fairly when they face financial difficulties, but is entitled to apply contractual interest charges and report defaults to credit reference agencies when account terms are breached, even where the customer claims

A financial institution must identify and prevent duplicate processing of payment reversal requests and act promptly to correct errors once identified.

A firm must complete reasonable identity verification before processing pension encashment requests, but must not impose unnecessarily burdensome requirements that cause undue delay or financial hardship.

A financial institution must handle fraud cases promptly and not impose unreasonable procedural barriers that prevent a victim from accessing their legitimate funds and resolving fraudulent activity.

A financial institution must clearly explain to customers why their requests have not been processed and the specific requirements that need to be met.

An account provider must process authorized payments but also has a regulatory duty to monitor for fraud and intervene in unusual transactions to protect customers from financial harm.

Under the CRM Code, a bank may not reimburse an authorised push payment loss if the consumer failed to take reasonable care, even if the bank should have provided additional intervention.

A consumer making authorized payment transactions is generally responsible for the loss unless they can demonstrate the payment was made without their consent or under circumstances that would trigger an obligation for the payment service p

Banks must make proportionate interventions to protect against fraud, but are only liable if the intervention would have prevented the loss.

Authorized payments are the customer's liability in the first instance under the Payment Services Regulations, and banks must balance fraud prevention with minimal disruption to legitimate transactions.

A bank must process authorised payments but may take proportionate additional steps to protect customers from fraud; however, liability requires both that intervention should have occurred and that it would have prevented the loss (causatio