Consumer groups have attacked a regulator’s decision to slash the planned maximum amount that banks will have to refund to UK fraud victims from £415,000 to £85,000. One said it meant some people were likely to have their lives “destroyed”.
The Payment Systems Regulator (PSR) confirmed on Wednesday reports from the previous evening that it was launching a consultation to reduce the threshold, which is due to come in on 7 October, despite having previously said that a maximum of £85,000 was “too low” as it would “exclude a significant number of victims”.
